Once you have taken possession of your new home you will need to setup basic necessity. Below is a list of what you may need for your home and the estimated cost for each project.
[convertkit form=1996926Cost to Setup Unfurnished Home – Perfect for Long Term Rentals
Renting a home long term has it’s advantages. With this option you have a steady stream of monthly income, you remove the potential back and forth with Airbnb guests and you do not have to fully furnish the home to start!
When we bought our home in Stonebrook Manor in 2021, we decided to rent it out long term. Some of the reasons we decided this was because we did not want to pay to fully furnish the home and we were looking for a steady stream of income, even though we make less than we would on Airbnb. We knew we would need to setup the home with certain items to rent long term, like a garbage bin, clothes line, A/C’s, fans, etc… We also thought we would need to buy appliances.
Appliances
After speaking with our Real Estate Agent, we decided not to buy appliances such as a refrigerator, stove, washer and dryer. She advised us that most long term renters already have their own appliances. If we were to rent the home with appliances it would be difficult for the tenant to store their existing appliances. With this in mind, we decided to forego appliances, which saved us a chunk of money!
A/C Units and Fans
We did however have to buy A/C units and fans for each room. We bought a 2 bedroom 2 bathroom home, so we bought 3 A/C’s and 3 fans. One for each bedroom and one for the main living area. I recommend buying these items at Appliance & TV Depot in Kingston. They have very reliable items at extremely competitive prices. If you send a WhatsApp message to Manish, the owner, he will send you pictures of his current stock with prices.
Cost: The cost for an A/C unit is roughly $66,000 JMD and $5,000 JMD per unit for installation. Fans are $50,000 JMD and $3,500 JMD for installation. For a 2 bedroom home you would need 3 A/C Units and 3 Fans. The total cost with installation would be $373,500 JMD.
Gutter System
We also installed a gutter system to ensure rain water would not destroy any landscaping and water would not settle at the foundation of the home. We used Wayne to install gutters at both of our homes and he did an excellent job. It is important to note that you should level and grade your lot, install gutters and then start your landscaping. With both of our homes we ended up installing underground piping to catch the gutter water and run it to the drain at the street. If you have already planted grass and flowers they may need to be ripped up in order to install the underground piping, which will cost you more money in the long run. (I am all about saving money where possible!)
Cost: This varies based on the size and configuration of your home. For a 2 bedroom home you will pay about $120,000 JMD.
Garbage Bin and Clothes Line
Some must haves for your new home are a garbage bin and clothes line. This allows for proper disposal of garbage and for tenants to have the option of drying their clothes on a line versus using a dryer, which uses a lot of electricity. (If you have a home in Jamaica you know the JPS bills can be brutal!) We have used Mr. Steel to install the items at all our homes.
Cost: a standard garbage bin with installation is around $35,000 JMD. A clothes line is $24,000 JMD. The total for a garbage bin and clothes line would be $59,000 JMD.
Ring Cameras for Security and Peace of Mind
I highly recommend installing Ring Cameras with solar panels at your home. The cameras run on Wi-Fi and there is never the need to charge them if you purchase the solar panel. We have been using Ring for 7 years and have never had an issue. Their customer service is exceptional and you can monitor your home(s) from your mobile phone.
I will add, I was a bit skeptical as to how well the solar panels would work. We first installed them at our house in Drax Hall Manor and they seemed to work very well. We then installed a Ring system at our home in New York. We have many cloudy and snowy days in New York and I figured the solar panel would not work as well. I was wrong! The cameras have never run out of charge, even when we’ve had snow for 2 weeks or more. It really is a great investment.
Cost: The Ring Spotlight Cam is $199.99. The Solar Panel is $99.99. I recommend buying one set for each exterior door and the sides of the home. Depending on the size and configuration of your home this would typically be 4 sets of cameras. The cost for 4 Ring Spotlight Cams and Solar Panels is $1,199.92.
Final Cost
With my above recommendations, you will spend about $726,488 JMD to setup your home for long term rental. Below is a break down by item.
- A/C Units and Fans – $373,500 JMD
- Gutter System – $120,000 JMD
- Garbage Bin and Clothes Line – $59,000 JMD
- Ring Cameras – about $173,988 JMD ($1,199.92 USD)
Total Cost to Setup your home for Long Term Rental: $726,488 JMD!
**Please note: all costs are subject to change**
0 Comments