Real Estate

How Upgrading Your Rental Property Can Benefit You

Every rental unit has a ceiling – and by that, we mean a top price you can expect your unit to rent for. Location, market conditions, size and amenities all contribute to what you can reasonably expected to get from a tenant. One tangible way you can increase that expected rent is to upgrade your property. Here are a few ways you can improve your property as suggested by local property management services. 

Colour Your World

Quality paint costs anywhere from $40 to $75. Freshening the look of your rental property with a fresh paint job always pays dividends. You can’t get a second chance at a first impression; when a new tenant comes walking through a beautifully painted rental unit they immediately think it’s a well cared for property. Don’t go crazy – people may like abstract paintings in a museum, but you can’t get too wild when choosing colour for a rental property. Your property maintenance Toronto service can recommend the most popular colours trending in the market. 

Bed, Bath And Beyond

People are going to spend a lot of time in these two rooms; making sure they’re in great shape is critical to demanding maximum dollars for rent. As long as the tub, toilet and sink are in great shape it doesn’t take much of an investment to improve the bathroom décor. New faucets, stylish lighting, ornate fixtures on cupboards all add to the décor. Replacing outdated, worn-out cupboards is a must. Your residential property management services will be able to contract cabinet installers at a reasonable cost. For the bedroom, you need fresh paint, closets with proper doors and shelving, good lighting, plenty of outlets and a good ceiling fan. This is critical in apartments where air conditioning may not be efficient. 

What’s Cooking in the Kitchen

Tenants can wreak havoc on your kitchen appliances. Stovetops and ovens that aren’t in optimal condition should be immediately replaced; no one what to be cooking their food in someone else’s mess. The cost of decent appliances is minimal. Updating them every decade is a necessity to justify higher rent costs. Having better appliances also reduces the amount of times your property management services have to send in repair people. 

Lights, Floors, Doors and More

It’s the little things that add up to a lot of ambience in a rental unit. Improving the lighting in terms of efficiency, design and function can help transform a rental property, especially in the absence of a constant source of direct natural sunlight. Installing new windows may also be worth the investment if you want your unit to look contemporary. Replacing worn out floors or carpets is also critical. Other upgrades to doors, floor vents, bathroom tiling and any other permanent fixtures can help you secure higher rental fees. If your unit has outdoor space, consider the curb appeal and natural landscaping; having an outdoor oasis in the middle of the GTA goes a long way to justifying higher rent. 

Get more tips on the benefits of upgrading your rental property. Call Ashbridges Property Management.

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