With rising housing prices in some cities, many Canadians choose to rent their homes. Real estate is a popular investment and a way to offset the regular mortgage payments is by renting out a property. Current or future landlords should be aware that there are some features many tenants will be looking for when they book a viewing. Might be time to hire a general contractor to help!
“Beyond location, an upgraded kitchen with features, such as granite countertops and stainless steel appliances, go a long way,” says Chris McMartin of Renting Toronto. “Other features, such as hardwood floors and bathrooms with modern fixtures, make a large impact on a renter’s decision.”
If a rental unit you own or you’re looking at is missing some of these, you might want to consider renovating or purchasing a different rental unit.
In-suite washer and dryer
No one wants to lug their laundry down a few floors and across the street and then have to wait for the laundry machine to finish washing and drying their clothes. Installing an in-suite washer and dryer in your unit will make a world of difference for many tenants.
Unfortunately, if you don’t already have an in-suite washer and dryer in the unit, it may be tricky installing one. If you live in a condo, you’ll need board approval before proceeding. There’s a chance they may not approve the change due to the building’s plumbing, its age or if your washer goes on the fritz, it can cause water damage to neighbouring units.
What’s so great about the units pictured above is the washer and dryers are stacked. They can be on display, hidden by a curtain or door. A general contractor can help you build this feature into your space.
Apartments typically don’t offer as much as space as a house, which is why sufficient closet space is crucial for renters to hide away some of their belongings. If there isn’t much storage space inside the unit, landlords may want to offer an additional locker area, add an additional closet to the apartment or if they’re doing a renovation of the unit, see if additional closet space can be added.
Make smart use of your closet space by hiring a custom cabinetry company to build you smart organizational units that will fit your space.
Toronto may have short summers, but it can get hot inside an apartment very quickly. Ideally, tenants would like central air conditioning in the unit and depending on your building, even if the unit doesn’t offer it, it may be setup if the apartment has forced air heating. This allows for easier installation thanks to the duct work already being in place. If this isn’t possible, another option is a window or portable air conditioner.
Again, before starting any installations, get in touch with the condo board for approval because without permission, you may be asked to remove any changes you’ve made.
After that, consider hiring one of our heating and air conditioning specialists to retrofit your condo with the right A/C unit.
Many people have lived in basement suites and realized that while they may be inexpensive, they lack natural light. Sunlight provides Vitamin D, which can help with combatting depression and colds, along with improving your bone health. Along with enough windows to provide sufficient lighting, some renters may also be looking for a balcony unit with a nice view. Unfortunately, if your apartment doesn’t offer this, you may be out of luck since there isn’t much that can be done about it, but keep that in mind if you’re shopping around for a rental property.
Any tenant loves to move into a property that looks brand new, whether it’s a fresh coat of paint, newly done hardwood flooring or new appliances, such as a stainless steel fridge or microwave. (If you get stainless steel appliances, make sure everything you purchase is stainless steel or it will look mismatched). These renovations show a client that you care about how the property looks and how it’s cared for, which means they should too.
Let eieihome.com help you renovate your home! With our directory of painters and flooring specialists, we can help you get your condo unit ready for renting!
About Renting Toronto: Renting Toronto has been in the business of connecting condo renters with landlords since 1999. We help landlords find competent, qualified tenants who you’ll feel comfortable renting to and we help tenants find condos for rent in Toronto. You always get the final say and we pride ourselves in renting properties as if they were our own.