5 Easily Overlooked Home Improvements You Should Make to Your Investment Properties
When you are looking to improve your investment properties, it can be easy to get caught up in the obvious renovations such as the kitchen and bathroom. However, there are plenty of important spots where you can make serious home improvements to increase the value and quality of life on your property.
While home improvements such as a new kitchen countertop or an updated shower will absolutely bring new life into your investment properties, you need to be careful not to miss out on other less visible but equally important tasks. While most of these updates are not glorious and will not attract tenants and/or buyers on their own, they are undeniably valuable for you to complete.
So, let’s take a look at five easily overlooked home improvements you can make on your investment properties.
However, before we get started, if you want to learn how to unlock funds for home improvements by using the equity you already have in the property, click the link below to book a free strategy call today.
Clean the Gutters
The first of these overlooked home improvements may not be clean but it is valuable. While it is not the most glamorous job and it will certainly require you to get a little messy, you should consider taking the time to clean out the gutters on all of your personal and investment properties.
Typically, it is recommended that you clean the gutters on all of your properties at least twice each year – even if you have installed gutter guards to prevent major debris from clogging them. (In reality, most people do this much less frequently than they should.) This way you can ensure they are all freely flowing and are not backing up with water each time it rains. This will help protect your roof from water damage and eliminate any decomposition odours that may be coming from the gutter buildup.
This can also provide you with an opportunity to inspect your gutters and downspouts for any leaks to make sure there is no water running down the sides of your home causing water damage to your walls and foundation.
Trim Your Trees
While you are at it, another one of the most overlooked home improvements you can complete it simply trimming any trees and overgrown plant life on your property. Most people do not bother trimming their trees until there is a problem, whether that is the branches growing too close to power lines or hanging over neighbour’s property lines. However, it is recommended that you trim your trees at least once every three to five years.
Not only can trimming your trees minimize complaints from neighbours and complications with the power company, but it can also make the previous improvement much easier. By regularly trimming your trees you are able to minimize the number of leaves, seeds and branches that wind up in your gutters, thus making the cleaning process even easier.
Regular trimming can also make your trees look more attractive to the eye and increase the curb appeal of a property. While you are at it, you can also take the time to trim any bushes, hedges or vines to that they remain visibly pleasing and do not interfere with anyone passing by your property.
Replace the Air Filters
Another one of the most commonly overlooked home improvements you can make is cleaning out your air and furnace filters. As you run your furnace and air conditioning units, dust, pollen and small debris will slowly be caught inside of your filters. This is great for increasing the air quality within the home, however if these go uncleaned, eventually they will wear down and start blowing the build-up throughout the home – greatly reducing the air quality. By cleaning these out, you can increase the life of the filters and save money on replacing them, while also improving the air quality for your tenants or future buyers.
A clogged filter can also become a fire hazard, so it is important that you clean them regularly. Normally, filters need to be replaced or cleaned every 90 days. If you have single-use or limited-use filters you may sometimes need to replace the filter instead of cleaning them out. For those with permanent filters, make sure that you clean them quickly and thoroughly and ensure that they are fully dried before reinstalling them.
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Check The Windows for Leaks
Air leaks are one of the most common unseen problems that you can tackle when making home improvements on your investment properties. These leaks can impact the efficiency of your heating and cooling systems, forcing them to work harder due to air flowing in and out of the gaps. It may also allow moisture and humidity into the home which can lead to uncomfortable indoor climates and potential water damage inside of the home.
To check your windows for air leaks, make sure to close all of your windows and then trace around them with something light such as a feather or a sheet of paper. If you and see or feel them move, then you know there is a leak that you need to seal.
Replace or Service the Hot Water Heater
Finally, the one of the most intensive overlooked home improvements you can make the property is servicing or replacing the hot water heater. While this is the most expensive item on this list, it is arguably one of the most valuable. On average, replacing a hot water heater can range between $250 and $8300 depending on the type of tank, heating method and the volume of the heater. However, the average cost for a hot water heater in a single-family home is roughly $1500 after equipment and labour costs.
Normally, it is recommended you wait no more than 10 years to replace the water heater to prevent leaks and reduced efficiency. However, it is still important to also conduct regular maintenance on your hot water heater to ensure it remains in working order. If you are unsure when your heater was last serviced, then you should bring someone in to inspect it as soon as possible.
Refinance to Make Home Improvements
Did you know that you can use the equity built in your investment properties to finance the home improvements and renovations you need to complete? Give us a call at LendCity and one of our agents will gladly help you explore your options to help you get the funding you need to get the job done. Our office line is 519-960-0370 or you can apply online at LendCity.ca Alternatively, click the link below to book a free strategy call today.