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As a real estate investor, you want to introduce as much value as you can into a property to maximize the return on your investment. For some, the gradual increase in value that appreciation brings them is enough to keep them satisfied, but there is more you can do to improve your properties.
There are plenty of home improvement projects that can be done quickly and affordably that will not only introduce new life into an old property but increase the value of the home along with it. These home improvements can also help you attract new tenants who are looking for a recently updated place to rent. So, here is a list of nine potential home improvement projects you can use to increase the value of your rental properties.
Now before we dive into home valuable home improvement ideas, click the link below for a free strategy call to discuss how a Purchase Plus Improvements Mortgage can help you make key home improvements on new investments straight away.
Brighten Up the Space
Recent years have been plagued with horrible light fixtures that create dim, yellowed spaces in your home. They are dull, boring, and unattractive. So, a great place to start updating your property is the light fixtures. Swap the old drab lights out for something new and modern that really brightens the room and lets your tenants see the real beauty of the unit.
This is a home improvement that is both cheap and valuable, so make sure to use it to increase your ROI.
Paint and Primer
Another one of the classic home improvement ideas is to repair the space.
Once you’ve brightened up the room, it is time to make it shine. There is nothing like a fresh coat a paint to make a space feel new again. However, you should never just slap paint on a wall and call it a day. Instead, you should take the time to fill and sand down any holes in the walls or uneven paint buildup, then follow it up with a nice coat of primer. That way your new paint job can truly pop and stand out instead of feeling flat.
Speaking of standing out, consider introducing accent walls into your rooms instead of relying on a single colour to dominate the space. They create a quick taste of visual interest that can make a room feel more exciting and inviting.
Update Your Cabinetry
Old kitchen cabinets are often warped, creaky and stained from years of use. So, by taking the time to update them during home improvements you can make your kitchen feel ten-times better in no time at all. Whether you paint or re-finish faded cabinets, replace squeaky hinges, or fully replace old cabinets, the kitchen will thank you in the long run.
Increase Your Curb-Appeal
By updating the outside of your properties you create a more welcoming environment that is more attractive to potential tenants. A freshly landscaped yard and a clean walkway may sound like an insignificant detail, but it can go a long way.
Curb appeal projects are easily some of the best home improvement projects to draw more eyes towards a property.
Discover Residential Property Management With This Step By Step Guide
Handle Your Hardware
During home improvements, the small details matter, that is why you should consider updating the hardware on your property.
Doorknobs, handles, and locks are all very small details that usually go overlooked, but the finer details often come with a lot of value hidden inside. By replacing doorknobs, handles and other hardware, every door, cabinet, and drawer has the opportunity to feel brand new. They also allow you to transition between a modern and rustic aesthetic with ease and comfort.
As for your locks, newly updated locks create a feeling of security for your tenants. The last thing anyone wants to do is fear that someone can break into their home, so by replacing older locks with newer, more-secure options, you raise the value of the home for your tenant. Additionally, you can sleep easier knowing that you have also introduced an extra layer of protection to your investment property.
Be Bold with the Bathroom
Bathrooms can be boring. Just think about how many all-white bathrooms you have seen with the same white tiles and yellowing waterproofing. Why not redo your tiling and backsplash to introduce some colour into the space. It is a small change, but it makes a difference in the eyes of your tenants and raises the value of your property. Plus, while you are doing this you have the opportunity to touch up and improve the waterproofing in your bathroom, thus preventing future water damage.
Fix Up Your Fixtures
Have you ever looked at a unique or fancy sink or shower and thought to yourself, ‘this is really cool’? If you have you are not alone. By replacing your showerheads and faucets you create an opportunity to bring the aesthetic of your property one step further with a nice piece of visual interest. As well you can upgrade to fixtures that use water more efficiently, which saves money on utilities each month. That means these updates can eventually pay for themselves.
Remaster Your Mirrors
The trend of flat, boring wall mirrors has come and gone. Instead, try installing a simple vanity with a nice frame to compliment the rest of the bathroom. You can even DIY the old wall mirrors into new, clean framed ones using old picture frames or baseboards and crown molding for a cheap, handy way to update them.
Restore The Classics
If you own an older property that has hardwood floor or classic tiles, do not replace them. In the nineties people went crazy covering up old classic flooring with newer, cheaper materials and it was horrendous. They do not make flooring like they used to, so if you are fortunate enough to still have these old, sturdy floors you should take the time to refinish them and make them new again. You will not regret it.
Home Improvements For New Purchases
If you are buying a property that needs key home improvements, you may be able to qualify for a Purchase Plus Improvements loan, which allows you to borrow the purchase amount for the home as well as 20% of the home’s value or $40,000 to perform any updates you may require, whichever is lower. This allows you to secure financing for your projects early and get them done much faster.
For more information on Purchase Plus Improvements loans and the world of real estate investing, visit LendCity.ca or call 519-960-0370 and speak with a member of our team. While you are at it, consider getting a pre-approval for your next mortgage to help you go into your deals with a clear picture of how much you can qualify for while locking down the best available interest rates. Alternatively, click the link below for a free strategy call today.