Before determining the list of necessary scope of work for your Vancouver rental apartment, you should decide how economically feasible it is, your renovation priorities, and what return should be expected from the investment.
Feasibility of the Repair
When and what repairs should be done in a rental apartment? The answer to this question depends on which segment of the market you plan to operate in. To do this, you have to study the demand, as well as really evaluate all the parameters of your apartment, including its layout and location.
It's practically useless to make expensive repairs in housing located on the outskirts of the city in an old house - you are unlikely to be able to easily find an elite tenant, the emphasis should be on clients that live on a budget.
It is necessary to choose the type of repair and calculate the economic feasibility, based on the parameters of the apartment, location and monthly rental rate
Approximately the amount of repair cost can be determined on the basis of how much the rent will increase, the availability of finishes etc.
- In an elite housing rental sector, the value of a condo with a successful renovation is increasing by about 25-30%
- In the middle and budget classes, an increase in value of up to 15% can be expected
Renovating an apartment for rent does not imply individualization, as in the case of renovations in your own housing. On the contrary, the rented living space should be universal, and this also applies to the layout and the interior of the premises. You can not predict the preferences of your future tenants,so it is universality and neutrality in the interior design of your rental apartment that you should be aiming for. That way your property can appeal to a wide pool of potential clients.
At the same time, do not neglect proven renovation solutions in order to give the condo an attractive appearance. Light tones of decoration (primarily in the bathroom, kitchen and in small rooms) visually make the room lighter and more spacious. A diagonal pattern on the floors will also create a visually wider space. Laying tiles in the kitchen will require significant investment but choosing a laminate with increased strength will not be as pricey.
The use of light colors in the decoration visually expands the room and gives an attractive appearance to the apartment
Often Vancouver Rental Condos are left in an unsightly condition. Of course you can persuade someone to live in a room with glued polystyrene tiles on the ceiling and wallpaper on the walls, but it is less likely to get the expected profit from such a rental.
Often, the initial desire of a future landlord-to-be is to dismantle everything that does not correspond to modern trends. Only after this can you start a real repair. In fact, in old apartments, the dismantling of the finish can be associated with large labor costs, and this leads to more expensive repairs, which is often not included in the landlord plans. What to do in this case?
Often a bad looking finish can simply be masked. For example. popcorn ceilings will easily take a skim coat, and installing of a few spotlights will add sophistication to the interior.
Dismantling old coatings, leveling the surface, painting - all this will take much more time and accordingly , will require more money. It is necessary to calculate the best option, which does not require large expenses and at the same time creates an excellent effect, highlighting your offer among competitors.
One of the determining criteria for selecting materials is wear resistance. To create comfortable conditions for customers and avoid conflicts associated with damage to the finish, choose abrasion resistant wallpapers, a strong and durable laminate, or even better - vinyl flooring. You will not only provide a presentable form of rental housing, but also avoid unnecessary restoration costs.
If tile laying is necessary, pay attention to the budget and only buy from well-known manufacturers. Thus you can find materials that combine attractive price and high quality.
An important caveat: Avoid using materials that could potentially cause allergies. Carpets are not suitable for rental apartments!
Plumbing and Appliances
There is a popular opinion among landlords that bad tenants can not find an entertainment in anything else but damaging rental properties, therefore plumbing and household appliance should be in the category "commercial grade"
Indeed the installation of expensive and high-tech models is impractical, at least because of the very long payback of such costs. At the same time, putting cheap appliances is not cost-effective. Damaged sinks, old toilets can seriously turn off any potential tenants from your property.
Among the budget models of appliances there are a lot of functional and reliable units that have a concise set of functions, while allowing you to perform all the necessary actions.
Economy models of household appliances will save the budget for repairs on delivery, at the same time new appliances will "refresh" the interior with their appearance.
So a budget oven might not have a touch panel, a timer with an alarm and other options. At the same time it's reliability, the ability to regulate teh heating intensity as well as fire protection will become sufficient qualities for comfortable operation.
The priority in choosing furniture should also be it's functionality and ability to withstand wear and tear. Bed, closets for storing clothes and necessary things, shoe shelves, a kitchen table with chairs and cabinets for utensils - all the most necessary and nothing more. This will provide comfort without cluttering up the space.
Following the advice of specialists in preparing an apartment for rent, you can increase the attractiveness of your home for lower cost. Contact us today to book your free consultation on your Vancouver Rental Condo Renovation (778) 513-0333