The Top 12 Ways to Get Maximum Value with Minimal Expense
...and get higher appeal when renting your property!
The rental market in Toronto and surrounding area has seen many unpredictable changes over the past 10 years with an influx of resettled residents, and the aging up of baby boomers in the City. Finding decent, affordable housing isn's as easy as it was in the past. More difficult for the renter, but equally difficult for the landlord, who needs to provide a safe, and clean environment on most likely a limited budget.
When a landlord makes no effort at all in presenting his/her property well, they should be prepared for much disappointment when it comes to the quality of the tenant they will attract. Making even a little effort in presenting the property in its best light creates an opportunity in attracting quality tenants with positive attitudes.
Here are 12 powerful ways to maximize your property value with minimal expense to your pocket book:
Deep clean from top to bottom. Units without major damages and wear and tear may simply need a deep cleaning. Cleanliness and order can have a significant affect on a prospective tenants first impression of a home.
Identify the improvements. There may have been upgrades and improvements made to the property over the years. It is important to determine the significant improvements and mention them in your rental listing.
Replace all blown light bulbs and ensure all electrical units are functional.
Touch up: paint and repair any parts of the house that are broken or in disrepair
Add curb appeal. Spend only a few dollars for plants and colourful flowers and place near entryways.
Upgrade floors or carpet. If flooring is worn out or out dated, replacing flooring within highly visible areas improves the overall presentation of the home.
Repair wall cracks in the walls. A little putty, plaster, or sheet of drywall may help to drastically improve the presentation of a property.
Replacing accessories. Toilet covers, fixtures, knobs, glass shelves, medicine cabinets and other accessories. Even the smallest items when they become worn out, broken, or dingy can make a property look poorly maintained. Replacing these small things can provide big impact to renting.
Update cabinets. Houses that are older than 15-20 years may need to have cabinets replaced. Kitchen and bathroom cabinets are one of the most important features in a house. Renters are looking for both function and style.
Replace counter tops only. Updating counter tops to match cabinets. This is an affordable way to add appeal to kitchens and bathrooms, without the extra expense of replacing the entire cabinets.
Paint in neutral colours. If the colours are too bold, bright, or unattractive, it may not match a renters furniture and décor. Keep it simple.
Replace front door. In older homes that may be soon due for exterior repair; masonry work, retiling faded roof shingles, cracked driveways or paths, etc. By simply replacing the front door will give a first impression of newness. Of course you cannot forego repairing those inevitable exterior damages; however an inviting new door may be a simple solution in attracting tenants to your rental property while you begin the process of exterior repairs. The cost of replacing interior doors is low relative to the potential impact for a lasting impression.