In this episode of Get Real Wealthy Season 2, Quentin discusses renovations of the rental unit – repaint replace, or reface.
Quentin says that firstly, you want to maximize your renovation dollars as well as the possible rents for a given property. We always want to have our property clean, safe and secure, so we want our renovations to match it. You want to make the property appear safe when someone walks up, the curb appeal also makes a huge difference. He adds that when getting into a new rental unit or turning over a rental unit, make sure that you use the same colour paint. Quentin says that they have the same colour scheme that they use as well as similar lighting.
He adds that usually when turning over a unit, the property might require small-scale minor fixes. Ultimately, it just depends on the condition of the property, and whether a section needs repainting, replacing, or refacing. Whether it is cabinet doors in the kitchen, countertops, bathroom fixtures, vinyl tile flooring, faucet fixtures – you need to find things that work well for you. You want to create that list of items that you’re going to continue to do over and over again in every rental unit. He concludes by saying that the key, when it comes to renovations of the rental unit is consistency.
Quentin D’Souza is the Chief Education Officer of the Durham Real Estate Investor Club. Author of The Action Taker's Real Estate Investing Planner, The Property Management Toolbox: A How-To Guide for Ontario Real Estate Investors and Landlords, The Filling Vacancies Toolbox: A Step-By-Step Guide for Ontario Real Estate Investors and Landlords for Renting Out Residential Real Estate, and The Ultimate Wealth Strategy: Your Complete Guide to Buying, Fixing, Refinancing, and Renting Real Estate.