So, you want to spruce up your rental property so you can stand out in the market, keep it rented and maximize your investment. But, which property rental upgrades pay off? After all, you don’t want to just be throwing money at a Class C property when you’ll never see the return.
Here are some tips from a Missauga Property Manager on what rental property upgrades that will always give you a good ROI, no matter what type of property you own.
A Fresh Coat of Paint
Never underestimate the power of paint. A can or two of paint can completely transform the look of your rental property. And, it doesn’t always have to be “apartment beige.” Currently, the big neutral colours are grey, tans and cream shades. In general, light and bright is always the best way to go for the vast majority of rentals, but if you have space you might want to play with the idea of a darker neutral coloured feature wall in the dining room. Be sure to stick to satin or semi-gloss paints, which reflect light and are easier to clean.
A Bathroom Remodel… on a budget
Most rental properties come with your standard, run-of-the-mill bathroom faucets and basic non-descript white sink. You don’t have to spend a lot to infuse the bathroom space with a little wow-factor. Simply source a modern sink and faucet, and add on some new hardware to the vanity and cabinets. If the toilet appears old and dirty, replace it. If your cabinets need a refresh, a coat of paint will work wonders, or simply swap the fronts out with something new from a store like IKEA. While you’re shopping, pick up a new mirror and —voila!—your renovation is done.
Lighten It Up
Nothing will date a space like last decade’s lighting fixtures. Great lighting can really transform a rental property from dark and dingy to warm and inviting. Opting for more modern lighting fixtures gives the space a contemporary look. Using pot lighting, track lighting or wall accent lighting can add a high end feel while brightening up darker spaces. Consider adding small touches like dimmers or lighting control systems so that tenants can set the mood of their space and save money over time.
Fix the Floors
When it comes to rental property upgrades, floors are an excellent investment. Carpet is out of style. (Although if clean, it may work in a bedroom.) Hardwood is modern and it’s also far easier to keep clean. There are lots of flooring outlets that have deep discounts on basic hardwood flooring. If your market doesn’t support the cost of hardwood, consider alternatives like bamboo or long-lasting laminate.
Just like the bathroom, the kitchen is another area of focus for renters. Make sure it is thoroughly clean and tidy – and don’t forget inside all the cupboards and drawers. Often in a kitchen, you can simply replace things like a broken tile rather than retiling the whole floor.
Typical rental property upgrades that pay off include painting the cabinets or investing in new cabinet fronts if the existing ones are out of date. If your unit doesn’t have a dishwasher, see if it is possible to add one. Also, beware of trends that could look dated in a few short years. Stick to classic design and neutral colours.
Add Curb Appeal
Whether you own a rental house or manage a high rise, ensuring that the outside landscaping is well maintained and has appeal in the form of some flowering bushes or a few perennial flowers is always a good idea. It’s how you can create a great first impression. On a single-family home you may want to consider painting the door.
Add a Bedroom
This might not always be possible, but if you have an attic or a den where a closet could be added, adding a bedroom adds value to your rental. If you can go from a two-bedroom home to a three-bedroom, you can easily command more rental income from it.
If you’d like to reduce vacancies and attract and retain top-quality tenants, all while improving your cash flow and bottom line, we can help. To learn more, get started here.