If you want to Increase the value of your property, it doesn’t always mean you have to completely tear the place out and rebuild. It is usually quite the opposite. Many times, subtle upgrades and small details will go a long way to increase the value of your investment.
When are discussing upgrades with your tenants, it is beneficial for both parties to actively collaborate and communicate during any renovation or construction process. Take some time to sit down with your tenant and discuss what they envision for the space, and gauge if you share similar design ambitions before getting started. There is a good chance they have similar ideas about the curb appeal or design ideas for the space as well and will happily work with you when construction begins to help you create the best space possible.
You should always consider updating the current lighting design of your tenant’s space and make the best use of natural and artificial light to effectively ilight the property. This can be achieved by updating lighting fixtures to reflect a postmodern design using eco-friendly led bulbs to increase efficiency, or by using task lighting for individual work stations, in offices and commercial buildings.
Adding spotlights, pot lights, or wall accent lighting will draw attention and add brightness and colour to under lit spaces which is particularly beneficial if the walls feature an interesting texture, artwork or a menu board for example.
These are the things that customers or guests in a tenants home notice immediately. They may be small, simple nuances however they can make a large overall impact for landlords and tenants. Things like the floor finishing, wall coverings, poor drywall work, badly finished caulking around windows and sills can really bring down the value of your property, and how much you can charge for rent.
You would be advised to think about refinishing original hardwood floors, updating electrical socket coverings, upgrading the windows, replacing or refinishing damaged and poorly hung drywall, replacing old worn out countertops and refinishing staircases. These changes and updates not only provide a much better experience for the tenant, but improve the value of the landlord’s investment.
Increased Energy Efficiency
Eco-friendly spaces are no longer small niche markets for landlords and their tenants, they now greatly factor in into the design and leasing of many tenants and business owners.
Getting on board with energy conservation and eco-friendly design is a wise choice for both tenants and landlords. You may even qualify for benefits that many governments offer landlords so that they can upgrade their property and reduce their carbon footprint. There are numerous ways to greatly improve the efficiency of your property including window upgrades, energy efficient water heaters, spray insulation, led lighting and simple plumbing improvements to name a few.