Getting an Investment Property Rent-Ready: Renovations and Inspections
Buying an investment property is only the first step. Before it earns you money, it needs to be rent-ready.
Kevin Murphy has been working on exactly that at the duplex he and Veronica Murphy own, renovating the kitchen so a new tenant could move in.
Renovations that make a rental shine
Kevin’s kitchen renovation included:
- New countertops
- A new backsplash
- New flooring throughout
Kitchens and bathrooms are often the two rooms that make the biggest difference to how quickly a unit rents and how much rent you can ask. Durable, good-looking finishes that are easy to clean help keep your unit attractive to tenants and cut down on repairs between turnovers.
Plan your timeline around your tenant
Kevin set a target: have the kitchen finished so a new tenant could move in on the 1st of the month. Every week a unit sits empty is lost rent, so plan renovations carefully:
- Line up trades early.
- Order materials in advance.
- Build in a buffer for delays.
- Start advertising the unit before work wraps up.
Why inspections matter, even for experienced buyers
That same week, Veronica Murphy was at a home inspection with a buyer who had a lot of construction and renovation experience. Even so, the inspection turned up a few items at the front and back of the house that would cost more than the buyer expected.
An inspection helps you understand:
- What to budget for in the next few years
- What you should pay for the property
- How much time you’ll spend on repairs after you move in, or before a tenant does
For investors, that information goes straight into your numbers.
Ready to invest in Niagara?
From finding the right property to understanding what it will take to get it rent-ready, our team has been there.
Call Kevin at 289-768-8382 or contact us.
