This is where Legacy Property & Rental Management shines in showcasing their expertise in investment real estate. With their vast knowledge in creating renovation plans, overseeing construction, and selecting profit generating home-improvements, LPRM can handle every aspect of the renovation process to enhance the value and appeal of any property. They can take their client’s property and dissect what it would benefit from to raise the property’s value in both equity and rent rate. This analysis of the property and its potential is captured by the team’s thorough market analysis, comparable sale reports, and previous renovation projects.
“We take on the responsibility of fully managing these projects. Our process is seamless. We are given 60-day notice from a tenant, perform a “pre-move-out inspection”, and based off this inspection we build a quote and line up the necessary work. Once the tenant has moved out the work can begin immediately ensuring our clients avoid as much rent down time as possible,” LPRM president Marco Cupelli said.
There’s a lot that goes into small or large-scale projects, especially when it comes to coordination of renovations, purchasing of materials & coordination of necessary trades. This sometimes involves working with the City’s Building and Planning department for permits, zoning, negotiations with the Committee of Adjustments and architectural designs.
“We have approached the Committee of Adjustments to get approval for the zoning on a property and have represented the reasons why this could be a viable option. Some projects have shown to be more difficult than others, however we've been able to update the zoning for the specific properties, which has greatly benefited our clients. This amended zoning has given way for our clients to add more units to their properties thus making more monthly revenue.”
Once a property’s zoning and project requirements are determined LPRM will take on the nitty gritty work that you would typically not like to get your hands involved in. They will outsource and manage multiple trades, complete designs, work to pick out colours and textures, visit multiple vendors and consistently visit the project to ensure that you are enjoying a hands-free experience. Through this a formal quote would be presented and agreed and the work would begin! LPRM will keep you updated along the way with photos of the progress made to ensure that you are as involved as you would like to be.
“Our projects are full-scale, meaning we start by talking to the architects (if needed), acquire building permits (if needed), confirm zoning and work alongside every contractor to ensure that these projects are up to the Legacy standard. We work on infrastructure upgrades, such as plumbing and electrical upgrades, ordering new kitchens, bathrooms, flooring, painting, framing, structural work & finishing,” Cupelli said.
“At this time, we are working on a several projects converting single-family homes into multiplexes, coordinating with architects, and working with the Building and Planning Department to make sure we are up to par in terms of building code and zoning. This means we can ensure our client will have adequate parking space to accommodate the increase in units as per the by-law."
Once the project is completed Legacy’s clients will sign off on the project and the options post renovation are limitless. A client can take their property and have the lender re-appraise the home obtaining more equity available and look to deploy the newly built equity in to future investments. To add, the home is now being rented to quality tenants for a quality rent rate. This short term & long-term value add is where Legacy prides themselves as they have seen the benefits that their clients are able to enjoy. This is what makes Legacy stand out and continues to showcase their ability to turn quality investments into larger opportunities.
More information on Legacy Property & Rental Management and the services they offer can be found on their website.
