Vaughan House Renovation

The active real estate investor must manage each house like a business. In addition to managing day-to-day operations such as housing rentals, maintenance, administration, and customer service, the investor must find various ways to add more value to their properties.

Houses For Sale in Vaughan

Having seen many potential tenants go by in recent years, the appearance of housing is often a very important criterion when choosing a place to live.

In addition to maintaining the physical condition of the building, renovated housing attracts applicants who are willing to pay more money for their new home.

How does the renovation of the house works

Renovation work can be of an aesthetic nature (painting and new flooring, for example) or even major (decompartmentalization of spaces and complete renovation of rooms). It is, therefore, necessary to adapt the scope of the work in relation to the rental potential of the accommodation, that is to say to the potential increase in rent following the work. Indeed, investing $ 40,000 to successfully raise the rent price by $ 20 per month may not be very wise financially. Ideally, you should try to recover the sums invested in less than 36 months.

In large centers like Vaughan, it is not uncommon to be able to increase the price of renovated housing by several hundred dollars a month. With the rules of the Régie du Logement, it would still be possible for the new tenant to contest this increase as indicated in clause “G” of the lease.

This clause of the lease is where the landlord indicates the lowest rent paid for a unit in the previous twelve months. In the event of non-disclosure on the part of the owner, the tenant can contest and assert his rights. Caution is in order. If necessary, consult your lawyer.

 

house renovation

 

Add a dwelling to your Vaughan House

Some owners ignore the hidden potential of their properties because some spaces in their buildings are not highlighted, for example:

An unfinished basement;
A large accommodation that can be subdivided into two smaller ones;
A storage room too large for the needs;
A land allowing to enlarge the building;
A small building that can be lifted to add a basement and fit-out one or more dwellings.
However, we are talking about important and expensive work here. A visit to the town planning office of your municipality will be able to inform you of the number of dwellings allowed in the area where your building is located.

Renegotiate with your service providers

The home insurance premium is a major expense that is constantly increasing and it has been common, in recent years, to see annual increases of more than 10%. I, therefore, suggest that you renegotiate your premium every year.

It happens during certain purchases that one succeeds in reducing substantially the amount of the annual premium compared to what the former owner paid. This can be done by increasing the deductible, renegotiating coverage, negotiating the rebuilding value of the building, or simply changing insurer. Loyalty with an insurer doesn’t necessarily pay off!

Here are some suppliers whose contracts can be renegotiated: the snowplow, the extermination firm, the grass cutting company, the janitor, the garbage collection service (if applicable). A few hundred dollars more in net income can quickly turn into additional value for the building. For example, an increase of $ 1,000 per year in net income will increase the value of your building by approximately $ 20,000, depending on the region in which it is located.

Upgrade your property with Garage Building

Having extra space for storage and vehicles also can increase the value of your home in Vaughan. The price of garage buildings in Ontario is lower in comparison with the added value to the property price. Therefore consider buying or upgrading your garage if you want to make extra money selling your house

 

See also

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