5 Low Cost Renovations To Maximize Rental Return

5 Low Cost Renovations To Maximize Rental Return

After purchasing a Rental Property you may want to do some renovations to add some value. It can be difficult to decide exactly what renovations would generate the best return and also maximize income potential. We have put together 5 low cost renovations you can do to your Rental Property to maximize your rental return.

1. Update your hardware. This is a cost effective way to improve your rental property without breaking your bank! You can update your entire property for a small investment, and it is super easy to do yourself. Potential tenants will definitely notice this kind of upgrade to your property.

2. Paint Your Kitchen Cabinets. The kitchen is one of the main spaces in your Rental property that people will look at first. Give your kitchen that “Wow!” factor by refreshing your kitchen cabinets. You can buy a ‘Kitchen Restoration Kit’ from Lowes for $114, all you have to do is clean the cupboards, paint the cupboards and then you will end up with kitchen that gives new tenants a “Wow!” moment.

3. Do Some Minor Landscaping. The exterior of the home is the first thing anyone will notice when they see the home. You can spruce up the front yard by adding some bushes or flower beds, and if you already have those, add some new mulch to give it a refresh! Ensure all weeds are cut and any overgrown bushes are trees are cut back so the house can be fully seen.

4. Add New Light Fixtures And Switches. Change out any old, outdated light fixtures with new ones that add lots of light and change the mood of the room. You can always find light fixtures on sale at your local hardware store. Also, you can change your light switches for an added touch! If you are a handy person you can definitely do these upgrades yourself or if not ask your local handyman or contractor to install them for you, they will most likely charge you less and an electrician.

5. Update Your back-splash. Upgrading the back-splash in your kitchen can be very cost effective if you get tiles on sale and you are able to install yourself. If you can’t find them on sale you will generally need to cover 20-30 feet which equates to 20-30 tiles! Tenants will enjoy the upgrade and if done right it will definitely add value to your property. There are tons of tutorials on how to upgrade your back-splash, as well as YouTube video tutorials that you can check out if you are unsure how.

These are just a few ideas to help you along if you are thinking about renovating. Ensuring tenants will appreciate the work you put in can be difficult but remember, renovations don’t have to be huge for them to make an impact! Tenants just want to have a functional living space where they will enjoy spending their time.

Matthew Johnston & Domenic Gagliardi, Barrie’s Real Estate Investors Specializing in Multi-unit rentals, College rentals, Single family with in law suite & Single family rentals. Contact us today 705-739-3432 to see how we can help to guide you in the right direction to purchase an investment property that suits your needs.

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Royal LePage
Matthew Johnston, Broker
Domenic Gagliardi, Sales Respresentative
Royal LePage First Contact Realty
299 Lakeshore Drive East
Barrie, ON L4N 7Y9

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