Newly renovated: The two words that show up in so very many rental listings. But what kinds of renovations won't break the bank, work in a condo, and will attract the tenants you want? Today, we'll talk about some of the process behind considering small renovations to up the value of your unit, and the tasks you don't want to neglect before getting started.
Consider your audience
Before picking up that hammer—or, more likely, the phone—it's important to remember that there is no single kind of renovation project that attracts all tenants to your unit. Different features will attract different kinds of tenants, and which project you choose should be thought about carefully in the light of which tenants it might bring to your door.
What personality traits do you really value in a prospective tenant? What kind of person do you see potentially offering a lease, and what do you think they'd be interested in when looking over a potential home for the first time? Landlord-tenant relationships are relationships, and they function on shared points of connection, so if you have an ideal tenant in mind, build the points of connection you think they'll appreciate.
As an additional tip: If you have current tenants you work with well, it's worthwhile asking them for a list of ideas on how the unit could be improved. The positive aspects of that relationship will show up in your shared ideas for the unit, and it's a great way to show your tenants you value them, the space, and their comfort in it.
Choose practicality over dazzle
Yes, it is very nice to have pot lights, I suppose, and Jacuzzi jets in your bathtub do make you feel like you are an intensely fancy person. But when looking at renos that will draw tenants and increase the value of your unit, it's much sounder to go for a practical improvement than one that's fully aimed at the illusion of a luxury lifestyle.
Why? What's on-trend now is going to be off-trend in a few years' time, and home improvement, like architecture, is meant to have a shelf life of more than three or five years. The trends that last are always somewhat oriented to practicality. Yes, subway tile is everywhere right now, but there's a reason: It's much easier to wipe down and keep clean than painted walls or wallpaper, and any home cook knows the value of not having to scrub down the walls after spaghetti sauce night.
Put your renovation money into improvements that will not just last, but will save your tenants effort, time, or money. Organize built-in storage space, invest in efficient appliances that are easy to clean, or replace that builder's carpet with a more comfortable material and save your tenant the trouble of buying and storing a vacuum. That expensive tub replacement might not get half the use that a sturdy set of curtain rods on an east-facing window would, and the latter is less than a hundred bucks.
Check with your condo board and status certificate
In a freehold home, most of what you have to worry about is hitting a supporting wall. But because so much in a condo building is held in common—that's the point—there are significant limits on what each unit owner can renovate or change. Common no-nos include unit front doors, balconies, windows, as well as common infrastructure like your plumbing and electrical.
It's important to check your status certificate—and if you're still unclear, follow up with your condo management and board—to make sure you fully own the element you'd like to change. There are exceptions made by condo boards to their rules about renos, but you do have to ask for them specifically, and follow your board's own process to do so.
Budget your time carefully
Tradespeople in most condo buildings can only work during specific hours, for obvious reasons: sawing, hammering, and drilling all make noise, and being considerate of your neighbours is the number-one rule of condominium living. What's more, there are stringent requirements for materials and trash disposal, and keeping the job clean as your contractor goes will also impact the time the job takes.
Find out your condo's approved work hours in advance, so that when you speak to a contractor who specializes in condo renovations, they can give you a quote—both of time and money—that's in line with those restrictions.
Work with existing tenants to set a schedule
The ideal time to renovate a unit is between tenants, of course—it's one less set of variables and one fewer set of disrupted routines—but if you're enthusiastic about a reno and your tenants are on board, it might be possible to do small projects while they're in the unit.
Discuss the project carefully and considerately with your tenants before booking anything, and work the project as much as possible around their schedules: for example, if they have a specific month that's busy at work, respect that. Scheduling with consideration for your tenants at the outset will mean they know their own time is valued, and ensure that the end result for your unit is truly an improvement.
Best of luck!
