Maybe you have a basement that could be repurposed, or perhaps you have another property that could be used, but you’ve come to the realization that you could get a significant extra monthly income by renting it out to a tenant. There are a lot of legal hoops you’ll need to go through on the road to being a landlord but it can still turn out quite profitable in the end. Outside of the legal considerations you’ll need to make a space livable – either one that requires updating or one that needs to be completely transformed – and so you’ll need to make some decisions on how to create it. Here are some tips that can help.
Remember Who It’s For
It’s common to want to build a unit that you would like to rent but that might be a mistake. It’s better to create something that anyone would like to rent. This means no strange colours or patterns and going with modern clean lines and fixtures. Remember your taste is unique and you’re trying to appeal to the most and best potential tenants. Of course, because you’re not building it for yourself you can stick with options that are cost-effective rather than high-end since you want to know the money you’ve spent is going to be recouped.
The Best Improvements
When it comes to making decisions on renovations of a rental unit the same things hold true as they do when maximizing a home’s value before selling it – the three biggest bangs for the buck will be the kitchen, the bathroom, and the floors. The kitchen is considered by many to be the heart of the home so a beautifully appointed one will definitely draw interest. A gorgeous bathroom is likewise attractive due to the time that would be spent in it. New flooring, and specifically wood flooring, can draw an entire rental unit together, elevating its overall feel while giving it a look that will never go out of style.
Putting together a rental unit is a challenge but it can be a long-term and rewarding one if done correctly. If you’re looking for flooring for your new rental unit we offer a wide variety of outstanding options. Contact us at Tony’s Flooring Centre today.
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Frequently Asked Questions
What should Toronto homeowners know about creating rental unit?
When considering creating rental unit, evaluate durability, maintenance requirements, and cost per square foot for your specific needs. Tony’s Flooring Centre at 268 Royal York Rd offers expert advice and free estimates to help you make the right choice for your Toronto home.
What is the best flooring for Toronto homes?
The best flooring depends on your lifestyle, budget, and room usage. Hardwood offers timeless appeal and high resale value. LVP provides waterproof durability at a lower price. Cork and marmoleum are excellent eco-friendly options. Visit our showroom at 268 Royal York Rd to compare all options.
Does new flooring increase home value?
Yes, new flooring is one of the top home improvements for ROI in the Toronto market. Hardwood typically returns 70-80% of its cost at resale. Even replacing worn carpet with LVP can significantly increase your home’s appeal and selling price.
Need Help Choosing the Right Flooring?
With over 60 years of experience, Tony’s Flooring Centre makes choosing the right floor easy. From hardwood and carpet to eco-friendly cork and marmoleum, we carry it all. Visit us at 268 Royal York Rd, call (416) 255-9631, or contact us online.