Purchasing a home is a big decision whether it be for an end-user or an investor. While a live-in homeowner will pay for all the expenses themselves, an investor will have tenants that will pay rent, contributing to the overall expenses of owning the home. Because your goal as an investor is to attract renters, your experience at the Activa Design Studio will be different from that of a homeowner who plans to move in. That is why we have provided a helpful Q&A to consider as an investor when selecting features and finishes for your property. Follow our expert tips from our design studio team to learn more!
What should investors consider when selecting features and finishes?
Much like an end-user, an investor should still set a budget for upgrades. The Design Studio is an exciting experience, but we want to make sure you are also staying within what you can afford. Setting a budget will allow our team members to present options that fit within this. A key differentiator as an investor is setting aside a budget for practical upgrades that will increase the longevity of your investment. The goal for designing an investment property should be to select features and finishes that are strong, durable and neutral in colour to suit a wide variety of tastes and styles.
Where should investors spend their budget for the most impact?
Quartz Countertops
Our design studio consultants recommend investing money in upgrades that can withstand wear and tear. Upgrading from either our standard granite or standard laminate countertop offerings to a quartz countertop will instantly increase the resale value of your property and will attract renters. For additional wow-factor, you can combine a quartz countertop with an under-mounted sink to create a beautiful aesthetic that is easy to clean.
Laminate or Vinyl Flooring
Carpet in the bedrooms, hallways and staircase comes standard, but you may want to consider upgrading these floors to either laminate or vinyl flooring and a solid oak staircase to improve their lifespan. These flooring options are more durable and much easier to clean!
Shaker Cabinets
The style of your kitchen cabinets sets the tone for the rest of the room, so you will want to choose something that will leave a lasting impression. Shaker cabinets are a great choice because they are highly durable and will never go out of style! This style of cabinetry also comes in a wide variety of colours and finishes for you to select from.
Pot Lights
Our team recommends upgrading to pot lights on the main floor to bring more light into the home, plus, you won’t have to worry about changing the light bulbs for several years!
What types of materials and colours are best for investment properties?
When it comes to selecting an overall look and feel for your investment property, our design studio consultants recommend selecting features and finishes that are neutral in colour. Selecting a colour scheme that is light and bright will make the unit feel larger than it is. Additionally, neutral palettes appeal to many people because they are much easier to coordinate other colours with. This will allow your renters to personalize the space with artwork and home décor they love. You don’t want to turn people away just because they didn’t like the colour scheme of your unit!
PRO TIP: Our team highly recommends selecting materials that are durable and can withstand wear and tear. This will help to prevent or limit the costs of repairs down the road.
Is an investment property right for you?
The Waterloo Region is one of the largest and fastest-growing regions in Ontario attracting families and students, as well as national and global companies who plant their roots here! Waterloo Region ranked among the top places in Ontario to invest in over the next 5 years and The 2018 Real Estate Investment Network Report ranked it #2 in Ontario!
When considering investing in a rental property remember that it is a long-term investment that will help you build capital down the road. Something you will want to consider is whether your real estate investment has the potential to provide a better return when compared to other types of investment opportunities you may have available to you.
Your Design Studio Experience
At the Activa Design Studio, we offer high-end features and finishes that come standard for you to choose from, as well as upgraded options to take your home to the next level. As you start to plan for your Materials & Finishes Appointment, it is important to gather inspiration for what you want your home to look like and to set a budget for your upgrades. The Design Studio is an exciting experience, but we want to make sure you are also staying within what you can afford. Setting a budget will allow our team members to present options that fit within this. You can learn more tips on preparing for your visit in our Design Studio Selection blog.
We can’t wait to meet you for your Materials & Finishes Appointment at the Activa Design Studio and we hope you are as excited as we are! While you’re there, we encourage you to take pictures during your appointment. You can even tag @builtbyactiva on Instagram or Facebook for a chance to be featured on our page. See you there!