Having an income property can be a great way to make a little money on the side. Whether it’s a basement apartment or house purchased just for those purposes, maximizing rent is the name of the game. The best way to do that is by creating a space anyone could fall in love with and be willing to pay the price to live in. That should be the one overriding factor whenever making a decision regarding renovations for rental units: Remember it’s for them not for you. Design to specifications that will appeal to the largest and more affluent of your target market.
Another important thing to remember is to keep things lucrative. This is a business after all, so before you put in that steam shower remember that you’re going to have to make that purchase price back in rent. Here are some other tips to make your rental unit desirable and cost-effective.
Clean and Paint
These are improvements that will make a big impression. Peeling paint or dirty surfaces tells a client you don’t care about the quality of the unit which means you might not be a very good landlord or lady. A little scrubbing and a fresh coat will put you on the right foot the second they walk through the door.
Re-do the Floors
The best bang for your buck in terms of larger renovations? New flooring. Replacing aging carpet with wood, laminate, or other high quality floor will give you the double impact of creating a luxurious space while installing flooring that will retain quality for longer. If you already have wood flooring consider getting it refinished – it’s far more cost effective and can look as good as new.
The Two most Important Rooms
The next best place to spend your money is in the kitchen and the bathroom. In terms of cost renovating these two can range from reasonable to prohibitively expensive. Go with long lasting and robust upgrades with an eye on price. Laminate countertops, for example, can offer a great look and durability at a much lower cost than stone.
Easy Improvements
There are some other easy improvements that may not be so obvious. Spending a little time outside fixing up the landscaping around the home can give a great impression to a tenant looking to rent a basement or room. Also, enhancing lighting and other fixtures can be of major benefit as well. Consider replacing faucets and shower heads if a full bathroom renovation is ruled out – it can provide a nice impact without breaking the bank.
Follow these tips and you’ll have your income property beautiful and profitable in no time. If you’re looking for new flooring for your income property or for your own personal home, join us at Tony’s Flooring Centre today and we can provide you with a host of quality and cost-effective options.
