“This might be fixing the roof, the siding, painting outside, fixing foundation cracks or updating an electrical panel,” said Quentin D’Souza, an investor and chief education officer at Durham Real Estate Investors.
It’s also an ideal time of year to take a proactive look at your capital expenses so you’re prepared for any big jobs coming up this year. “There’s a difference between a reactive and proactive person,” added D’Souza. “It’s okay to be reactive, but you’re going to do more work.”
Jose Jafferji, an investor and Realtor, added: “The tenants will start looking if they’re unhappy with the place, but if you’re able to keep them happy and take care of all the maintenance requests that they have, that makes the tenants stay a lot longer and will save you a lot of money in the end.”
It might be that these upgrades are designed to keep your current tenants happy, but the change in temperature also offers an opportunity to improve the curb appeal to bring in new tenants.
If a tenant is moving on, start planning what can be done to enhance the property. “Backsplash in kitchen, new hardware in the bathroom and kitchen, better lighting,” suggested Jafferji.
Quentin D’Souza will speak in the Editor’s Room at CREW's Toronto InvestorForum, sharing tips and resources on how to reduce the cost of managing rental properties.
Jose Jafferji will also speak in the Editor’s Room at the Toronto InvestorForum, focusing on the debate around buy-and-hold versus fix-and-flip investment strategies.
The InvestorForum will be held this weekend, on March 28 and 29 at The International Centre in Toronto.
Register to attend
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Spring is in the air and the change in weather is the perfect time for landlords to drive by their investment properties and look for proactive ways to enhance its appeal.