Have you ever seen one of those properties people look at and say “this place just needs a little TLC” or “it’s not too pretty, but the bones are good?” We own a property in Naniamo, BC that fits both of these descriptions. The property is currently between tenants and if we are going to make some improvements, now would be the time. We can either choose to sell or go after a new tenant. When my realtor walked through, he mentioned that the home needed some minor improvements. So I brought my mom in, who is a great visionary, to get some feedback on what improvements could be made. Because we didn’t want to break the bank, we decided to do things that would have a huge impact without costing a ton of cash. In the end, it was decided that we would remove the sunshine ceiling, paint, and replace the hardware on the kitchen cupboards. The great part is that the work will cost virtually nothing since my family will be pitching in to make the repairs.
We decided to jump in headfirst one Saturday morning before the sun had a chance to make an appearance. After boarding one of BC’s ferries, my dad and I were in Nanaimo and ready to work. After picking up a few hundred dollars worth of materials, we spent less than a day working on the property. When we were finished we couldn’t believe the difference 6 hours of working had made. The place looked much better.
My wife and I have bought quite a few properties, but we’ve never bought properties to flip – we make changes like this to attract renters and get higher rents. Or, if we are interested in selling the property, to increase the speed of the sale or increase the sale price. Someone looking to flip a property would be an expert at knowing what simple changes can make a big difference to really help enhance the value of a property.
Take a look at the suggestions below for how to make low cost changes to your property which will make a huge impact:
1. Simple yard maintenance like mowing the lawn, pulling out the weeds, raking the leaves
2. Power washing the outside of the home to get it clean
3. Instead of painting the entire house, touch up window trims instead to freshen look
4. Inside of the house, change the hardware to update cabinets and cupboards
5. Fill holes in the walls
6. Paint!! It ALWAYS makes a difference- but stick to neutral colours
7. Paint your bathroom counter instead of replacing it. Paint is a great way to cover up the crazy colours that were so popular in the 70s and 80s!
8. Change out-of-date looking light fixtures in favor of versions which reflect current styles
9. Clean the place thoroughly! A good cleaning is a great way to freshen up the look (and smell) of a property.
Most of these simple property improvements cost very little and don’t require you to be a skilled tradesman. It will just take a bit of time and “sweat equity” investment on your part ” but it will pay off with better tenants and higher rents!