When you are looking to use a house as an income property, appealing to your renter or buyer is key. Renovations can help ensure your place is desirable… but only if you make choices with both high buyer appeal and return on investment.
How do you make sure your Vancouver income property renovations meet these two criteria? You follow a simple set of do’s and don’t’s…
The Do’s of Vancouver income property renovations
Do focus on functionality.
Functionality is a high priority for most buyers. Therefore, when you are planning your Vancouver income property renovations, take the time to walk through the house, considering what you would need in the space. Keep an eye on details, such as if there is enough storage space in the house. Trust us that, if a home is functional, it will be much more appealing to buyers.
Do consider your renters or buyers’ needs
Beyond functionality, buyers and renters look for practicality. When you are looking at this part of your Vancouver income property renovations, it is vital to consider your target market. After all, what is practical for a bachelor in his 20s may not be for a family with small children.
Start by thinking about the size of the home. Is it large with multiple bedrooms? Focus on families’ needs.
Is it a smaller, urban place? Plan for a single or couple.
Once you have a clear sense of your target market, do some research to figure out what they will want and need, then plan your Vancouver income property renovations accordingly.
Do keep materials durable
Keeping materials durable adds to your income property’s practicality, especially if you are trying to sell to families. After all, what parents want to move into a space that is one sticky finger away from severe staining or costly cleaning?
Beyond their appeal, durable materials can help maximize your return on investment, especially if you have any plans to rent out your income property.
The Don’t’s of Vancouver income property renovations
When you are shopping for fixtures and materials, it can be easy to fall into the trap of believing that more expensive equals better. Remember that you are not living here, so it does not need to fit with your personal style.
The focus, instead, should be on your return on investment, which can actually be lowered by luxury items and materials.
Therefore, you are better off focusing on function over flash when conducting your Vancouver income property renovations. You can always take some of your return on investment and purchase luxury items to enjoy in your own home!
Want more tips about renovating an investment property? We’ve got them for you! Ready to jump into your Vancouver income property renovations now, drop us a line to get a free quote.
