Renovations are a sure way to raise property value and tenant satisfaction simultaneously. But how can you be sure you are choosing the right upgrade that will be both fiscally responsible and instrumental in raising your property’s value? Here are some pointers you should consider before investing in expensive renovations.
1. Prioritize Repairs
Are there any repairs or replacements necessary in your property?
If the boiler is on its way out or if the property needs repair to its roof, windows or doors, this definitely takes priority over a shiny new bathroom vanity. Safety and security is top priority in maintaining your property’s integrity and keeping tenants satisfied. What about the property’s main appliances? Are they operating properly or is it time for an upgrade? Although up-to-date cabinetry and countertops are very attractive to a potential tenant, a working oven and refrigerator come first. A proper inspection of the property and all of its parts is the first step that must be taken when considering renovations or upgrades to your property.
2. Freshen Up
Once repairs and replacements are out of the way, the first place to start would be with the oldest, most dated or rundown part of the unit. The goal of renovations is to refresh a space, and make it look as new as possible again, lending it an inviting air. Take care to choose a project that will last long and endure the usual wear and tear to get the most returns on your investment. Although it may be tempting to cut corners by choosing cheaper alternatives for countertops, flooring and finishings, it may just cost you more in the long run. If you’ve made the decision to invest in renovations, do it right and you’ll only reap the benefits. Popular upgrades are the kitchen and bathrooms. Update these to boast the latest styles and trends and your entire unit will have a newer and more modern appeal. Add a fresh coat of paint in the latest “in” colour to give it that extra boost.
3. Don’t Negate the Value of Curb Appeal
The first thing a tenant will see is the building’s exterior whether on an online listing or in person. First impressions make a big difference, so when your building has that cared for and fresh appearance, prospective tenants or buyers will be intrigued to know more about your property. Gardening, outdoor patio furniture, barbecue grills, and attractive lighting can greatly enhance the beauty and allure of your property. Ensure that walkways are not chipped or broken and are clear of litter. Sometimes it’s the little things that go a long way in creating that special ambience to make your property stand out.
4. Add Updated Amenities
Adding amenities such as a dishwasher, air conditioning or a washer and dryer can greatly enhance a unit and its desirability. Having built in storage space can also make your unit stand out from the crowd and is a big appeal factor in small spaces. Consider adding or improving existing amenities in your building such as parking, a gym or a pool in order to attract desirable and valuable tenants.
The MyPortal by Payquad Solution:
Find out how Payquad’s Maintenance and Inspections modules can simplify the process of maintaining your newly completed renovations and raise your property value today! Book your free demo now!