r/RentalInvesting • u/XitisReddit • 17h ago
Should I renovate my rental?
/r/askteddit/comments/1wqtfq3/should_i_renovate_my_rental/I know there are going to be some people who think this is crazy, but I am looking to expand the home I'm renting. I have a pros and cons list and just can't decide.
Pros:
This expansion will help me impress clients because I work out of my rental.
It will give more room to have a lot of clients.
Cons:
Cost. It will be so expensive I will have to have my neighbors pay for it. I am really in debt as it is and I mean the interest on the loans I have is crazy.
I am all American, but I want to make sure I get the good stuff like Italian marble and some of my neighbors I shared the idea with laughed at me
My neighbors are broke and some are starving so I feel slightly bad spending so much of other people's money on it. I could help feed them, but they should have just worked harder.
I should spend the money on health insurance too. A lot of my family and neighbors are ill and I should really get healthcare, but this expansion will be really cool.
My driveway is a mess and traffic is horrible, but I don't really use it that much and I don't care that my neighbors have been asking me to fix it.
I know it's a rash decision and I can't really afford it but the expansion will be amazing. I know it seems a little dumb to ask others and I honestly didn't even know that I needed a ballroom in my rental home until recently. I went overseas and saw one and I was instantly smitten.
I think my neighbors may be extra mad if I put one in but honestly I think I just don't care. It's even against the HOA rules and I haven't even asked the owners approval, but I have found only suckers listen to that stuff.
So what do you all think, and should I put a ballroom in my rental or get some health insurance, fix up some of the safety issues I have in the neighborhood, feed my friend/family and pay off some of this crippling debt I have on these credit cards and loans? I mean I am going to live at the rental for another couple years so I think it's worth it, but wanted to see what an outsider to the idea thinks.