There's no getting around it. As a real estate investor, you will eventually need to do renovations to your property. Whether out of necessity due to damage or to simply upgrade the value of your property, there are certain steps you need to follow to make your remodeling process as painless and as profitable as possible.

No matter how large or small a renovation project is on an investment property, the numbers have to make sense. Focus on the areas that provide the most return on investment and skip the hot tubes and wood-burning fireplaces. Better yet, get expert advice and hire professionals to do the work. Take a look at what LandLord did for these investors . . .



Single-Family Home - Upper Beaches

30.1%

Rental Value Increase

10.2%

Return On Investment

Property type: singe-family dwelling
Project cost: $175,000
Pre-reno rental rate: $3220
Post-reno rental rate: $4320

This single-family home in the Upper Beaches received extensive renovation. As a result, the property was able to rent for 30% more per month with an ROI of just over 10%.

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Triplex Transformation - Roncesvalles Village

166.7%

Rental Value Increase

43.8%

Return On Investment

Property type: triplex
Project cost: $416,575
Pre-reno rental rate: $2700
Post-reno rental rate: $7200

We completely gutted and renovated this single-family home in Roncesvalles Village and transformed it into the high-earning triplex.

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Single-Family Home - Leslieville

58.3%

Rental Value Increase

18.6%

Return On Investment

Property type: singe-family dwelling
Project cost: $197,000
Pre-reno rental rate: $1800
Post-reno rental rate: $2850

As a result of extensive renovations to this single-family home in Leslieville, the property was able to rent for nearly 60% more per month with an ROI of just over 18%.

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Condo Facelift - Willowdale

29.9%

Sale Value Increase

Property type: condominium
Project cost: $35,000

This luxury condominium penthouse suite in Willowdale received a dramatic facelift for a modest investment, and as a result we were able to yield a sale price of $116,000 over asking. In additon, the renovation and sale of the condo was managed by us while the owner was out of country.

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Triplex Transformation - The Danforth

65.2%

Rental Value Increase

10%

Return On Investment

Property type: triplex
Project cost: $189,629
Pre-reno rental rate: $2400
Post-reno rental rate: $3967

As a result of renovations to this triplex on the Danforth, the property was able to attract tenants with incomes over $70k, with no vacancy loss post-reno.

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Downtown Condo Facelift - Yorkville

54.1%

Rental Value Increase

16%

Return On Investment

Property type: condo apartment
Project cost: $47,584
Pre-reno rental rate: $1200
Post-reno rental rate: $1850

We completely overhauled this condo in near Yonge & Bloor in Toronto. Modernized kitchen, refurbished bath and beautified living spaces have transformed this unit into the high-earning investment its owners wanted.

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Single-Family Home - The Beaches

51.5%

Rental Value Increase

10%

Return On Investment

Property type: single-family dwelling
Project cost: $131,808
Pre-reno rental rate: $2111
Post-reno rental rate: $3200

This single family dwelling in the beaches received a dramatic facelift, and as a result was able to attract a new tenant with an income four times greater than the previous tenant.

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