It is not hard to see the benefits of a Vancouver income property. It’s common knowledge around the Lower Mainland that there is always plenty of money to be made in income properties. Yet, it can be hard to know when to put cash into your income property, and when to renovate it.
The benefits of renovating your Vancouver income property
Renovating your Vancouver income property has an immediate, noticeable financial impact. Renovations will increase the perceived value of the property, allowing you to charge a higher rent to reflect the upgrades you have made. A renovation also helps keep long-term tenants happy, especially if the upgrades are ones they have been asking for.
For those between tenants, a renovation can make the space appear fresh, drawing new people in. Remember that renovations are not all or nothing, so you do not need millions in disposable income to get these results.
When is it time to renovate your Vancouver income property?
The best time to renovate your Vancouver income property is when you have the time and money to comfortably do so. Make sure your tenants are aware of how long the renovation will take and they are prepared to deal with the work being done over that period. If you are between tenants, that will allow you the time and space to upgrade the property before bringing someone else in.
Also, make sure that you have the financial ability to handle the renovation, including any extra work that may arise. If you are ready, jump in as soon as possible so you can take advantage of the current hot Vancouver housing market.
When you are renovating your Vancouver income property, remember to bring in an expert team. This way, you can ensure the work is done at the highest level, on time, and in line with all relevant renovation rules and regulations.
Want more ways to maximize the earnings from your Vancouver income property, make sure to follow these tax tips. Ready to get to work? We are here to talk about your renovation!
