This is for educational purposes only; it does not guarantee future performance or serve as financial or tax advice.
Renovations can either make you money or bleed you dry. Most new investors waste time and cash on upgrades tenants don’t care about — and that means lower returns for you.
If you want to build real wealth through real estate, you need to be brutal about where your money goes. Focus on what actually protects your property and drives up rent. Skip the stuff that looks good on Instagram but does nothing for your bottom line.
Here’s what’s worth doing — and what’s not.
Disclaimer: This is based on Phil and Spiro’s personal opinions. Everyone has different priorities — this is one way to look at it, not the only way.
❌ Don’t Do It
Adding a second bathroom: Wasted space and money unless the unit is four bedrooms or more.
High-end appliances: Tenants don’t care; basic stainless steel is enough.
Nice landscaping: Looks good but doesn’t bring in higher rent.
Refinishing hardwood floors: Costs a lot, won’t get you more rent.
Potlights everywhere: Unnecessary; one good light fixture per room is fine.
Ensuite bathrooms: Better to maximize living space.
Building decks: Expensive with little to no rent boost.
👌 Nice-to-Have
Smart thermostats: Makes utility management easier but not critical.
Keyless entry: Convenient for turnovers but not essential.
Separate laundry: Tenants love it, but shared laundry still works.
Soundproofing: Helps tenant comfort but often too expensive to justify.
New kitchen cabinets (if still good): Painting and new handles are usually enough.
✅ Must-Do
Basement units: Adding a second suite is key to maximizing rental income.
Roof (if needed): Protects the building; only fix it if it’s leaking or near end-of-life.
Windows (if broken): Fix broken ones; otherwise, leave them.
Quartz countertops: Durable and cost-effective long term.
Vinyl plank flooring: Tough, low-maintenance, and tenant-proof.
Closets: Tenants expect them; add basic ones if missing.
Painting: Clean, neutral colours are non-negotiable.
New kitchen (if existing is unusable): Essential for function and tenant appeal.
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Save your money for what actually boosts your rent and protects your investment. Skip the fancy stuff unless you have cash to burn. Focus on making your property durable, functional, and rentable — that’s what wins over the long run.
If you want help finding and renovating properties that actually make money — not just look pretty — reach out to us. We’ll help you focus on what matters and skip what doesn’t.
Here’s what it’s like to start as a client with us:
- Initial Consultation: We’ll talk with you to understand your needs and teach you how to invest wisely in Toronto real estate.
- Market Search & Purchase: We’ll search the market to find the perfect property for you.
- Renovation Support: If the property needs renovations, our trusted contractors are ready to help, and we’ll coach you as you manage the project.
- Leasing and Management: If you need help renting out and managing your property, our leasing and management team is here for you.
Ready to get started? Click on the link below, and let’s start working together!
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