“The biggest thing is light,” says Love. “We bought a triplex, and two units are bright and happy feeling. We filled them no problem, but one of our units is so dark it reminds you of a cave, and we can’t rent it unless we fix the lights. It’s relatively inexpensive to put lights in, but from an appeal standpoint, if you’re showing a dark unit, nobody wants it.”
For a little sweat equity, replacing the lights in the house can modernize it, brighten it and, if outfitted with energy-efficient bulbs, can cut down electricity costs too.
10. Outdoor space
Converting a yard covered in weeds, debris, old rusting patio furniture and creating a liveable outdoor space can instantly increase property value. And, like basic curb appeal, landscaping full outdoor areas or patios does not have to be pricey. Adding something like a basic deck is an instant value-booster, but opting to put additional features such as fire pits, benches, BBQs and water features can drastically alter the look, feel and worth of an investment property.
This article appeared in the May 2014 issue of Canadian Real Estate Wealth
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Hilden, North Perth, Hawkshaw, North Kemptville, Armagh