Increase your ROI with small changes
It's amazing what changing some light fixtures and door hardware can do.
Light fixtures and door hardware can reveal the true age of a property. Installing proper lighting and a few nifty fixtures in the right places, namely the kitchen and dining room, will brighten up the space and create atmosphere. Touching door hardware is unavoidable when walking through a property, and since it may be the only thing prospective renters will touch, it could have a significant impact on their first impression of the home.
With the right touch, updating light fixtures and door hardware can generate a 60 per cent to 75 per cent ROI.
Always remember that once you've made the decision to renovate your income suite, necessary repairs and maintenance should supersede any cosmetic renovation. If ignored, these required renovations can often overshadow other improvements. Style preference and proper building materials change, and it's your job to ensure that your income suite can keep up with the times. These days, tenants are more particular than ever, and like any business you must adapt to fulfill their wants and needs. Please your customer while being mindful of the ROI, and you're on your way to becoming a successful landlord.