Got a rental property or thinking of buying one? According to real estate experts, these three renovations can help increase the value of a rental – meaning higher rents and a higher resale value.
- Add a second bathroom. While it’s a big one, this renovation can take your rental to a whole new level. This reno works particularly well in properties that already have plumbing roughed in.
- Add heated floors. On the topic of bathrooms, maybe you can’t add in a second, but you can certainly upgrade the existing one. One way to do this is to add heated flooring. If the bathroom flooring already needs an upgrade, lay down electric-heated mats below the new tile and your tenants will feel like they’re entering a spa every time they head to the washroom.
- Upgrade or add in windows. Who doesn’t love natural light? Particularly if the window providing the light also has a view. And even if that view is just of the street in front of the property, replacing old windows with highly-insulated ones will save on heating costs, while a window where there wasn’t one before can completely transform a once dark space.