Renovate first or let straight away?

Simplified example

Your flat is in mediocre condition. In this example a renovation costs €8,000 and takes some time.

What do you do?

Choose a decision to see its consequences. You can look at every option; there is no time limit and no one right answer.

A. Renovate first

Right away: €8,000 is spent and the flat is empty during the work.

Possible later: Better condition makes the flat more attractive to applicants. Whether it pays off depends on location and how long you let it.

B. Let it right away

Right away: You save the renovation and can have rental income sooner.

Possible later: The condition stays as it is. Renovating later is harder to plan with tenants in place.

C. Sell it as it is

Right away: You get cash back, and the price reflects the mediocre condition.

Possible later: You give up the chance to add value through renovation.