Follow these simple tips to get maximize your rents.
When your tenants vacate your rental suite that is the ideal time to make changes and improvements so that you could potentially charge more rent to the new tenants. You are allowed to charge whatever the market will bear so you should do everything possible to maximize this income. These maintenance and renovation tips will ensure that your tenants will be comfortable for years to come.
Here are some things that I would recommend.
1. Improve the lighting in your suite
If there is not a lot of natural light from windows add more fixtures. No one likes a dark apartment. I recommend halogen lights as they often give a more modern feel to the suite. Make sure too that there is sufficient outdoor lighting as well.
2. Change the water line with the city to improve the water pressure in the rental units.
Half inch piping coming into the property gives much better flow and pressure and your hot water tank doesn’t have to work as hard to heat the water. Also, improve your plumbing fixtures if they are starting to leak or get older. Replace cracked sinks as well.
3. Paint the interior of the rental suite and do any exterior touch-ups.
Fresh paint gives the unit a clean, new look and often gets rid of lingering odours. Choose neutral lighter colours for your walls. Anything that you can do to boost the curb appeal of your property is highly recommended.
4. Replace any damaged or cracked floor tiles or pieces of hardwood.
A nice floor makes a huge difference to a rental suite. Also, have your floors cleaned and polished for maximum appeal. Some people prefer carpet, others like tiles and hardwood. It doesn’t really matter so long as it is kept clean and doesn’t have any faults which could cause a trip hazard.
5. Make sure all your common areas, parking spaces, laundry are kept clutter-free and that there is not a lot of unnecessary debris.
Do not allow tenants to store their goods in the furnace room. This area should always be clutter free.
6. Provide some sort of external storage for hard goods like bicycles or sports equipment.
A backyard shed would be ideal.
7. Hire a professional cleaner.
Nothing is more attractive to potential renters than a clean, organized suite. Professional cleaners go that extra mile attacking very corner so using them can make a big difference.