6 Simple Things - Increase the value of your investment property

With all the bank rate changes recently, having cash flowing properties or even breaking even after your mortgage payments can seem out of reach for many small landlords.
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 To help, here’s my list of the top 5 simple but effective ways to increase the perceived value of your rental.

1. Changing out dim bulbs and adding bright warm lighting can appear to add size and warmth to a room. Only mushrooms want to live in small dark spaces.
2. Refresh a room's appeal by replacing dated fixtures and old hardware like cupboard handles, door nobs and outlets. It’s not always cheap but often transforms that "dated" feel of a space.
3. Try to create a continuity to rooms by ensuring the flooring is the same throughout. Mismatching the flooring ie; going from laminate to tile back to laminate can make the room appear smaller and more fragmented than it is. When renovating, we try to have a uniform feel throughout. When I first started investing, I used to change colours throughout the unit. I have come to learn what tenants really want, is a blank canvass they can picture themselves in. Keeping things neutral helps the renter imgaine what their household will look like in your space.
4. Use spaces creatively, turn unused areas and unlivable space into desired custom storage, or an office nook. With more people working from home than ever before, having an area to set up their desk and files can be a big plus. Also, when deciding on a place to call home tenants think about where their belongings will go when they come to see it. The options for staging your home have really grown out there, if purchasing or renting furnishings isn't in the budget, there are virtual staging services out there that can provide visuals to help the tenant picture what is possible. 
5. A place to hang your stuff? Not every rental has closets, many older homes were not built with a closet space in the second or third bedroom. Providing a moveable wardrobe gives the renter a place to hang up longer outfits and seasonal clothing. No closets in the entrance way, a stylish rustic coat rack might just be the trick. 
6. What else can go? Are there poorly designed layouts or intrusive half walls affecting the flow and dynamic of your layout? Have an experienced contractor talk to you about your options in removing them.

Finding simple but effective fixes can help increase your rental price, gain equity and get it rented faster. A little elbow grease and creativity can have an impact on prospective tenants, give it a try!

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Photo by Stuart Miles freedigitalphotos.net
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