Renovate before renting out my 1960s weatherboard, or rent it as‑is?
Kia ora, first‑time poster here.
I’ve got a 1960s weatherboard 3‑bedroom home that’s now too big for just myself and my 6‑year‑old. Family situation changed. It’s solid but pretty outdated, original kitchen cabinetry, bathroom needs a tidy‑up, and the carpet is due for replacement.
My plan is to rent this place out and buy something smaller, more modern, and low‑maintenance.
The dilemma:
Do I spend $20–30k now (that would take all my savings and some) on a basic kitchen refresh, new carpet, and a bathroom spruce‑up before renting it out?
Or do I rent it out as‑is, move into something smaller, and tackle the renos later when my finances are more stable?
Or are there other options i should consider?
More context: my current mortgage repayments are just under $400pw. Based on other similar type rentals in this area, I could rent this property out at $580 - $620pw.
If anyone has experienced a similar situation, I’d really appreciate your thoughts. Be gentle with me x