Low-Cost Kitchen Renovations That Boost Rental Value
It is no secret that kitchen renovations boost property value, so it should come as no surprise that an upgraded kitchen can also help to attract tenants and boost the amount that you can charge in rent. Unfortunately, major kitchen renovations run well over $10,000. If you are not able to put a lot of money into your investment property, a low-cost kitchen renovation can still allow you to reap benefits now and when you sell the property in the future. Even a minor kitchen renovation can offer a return of 82 percent on average. Here are some ideas to get you started.
Instead of putting the money into getting all new cabinets, strip the current cabinets, sand them down and refinish them. You can add a coat of paint to brighten up the kitchen, and the best part about this idea is the fact that it does not require you to do any major demolition in order to achieve your goal of a more updated kitchen space.
Backsplashes are a major part of the modern kitchen, and having an outdated backsplash or none at all can turn potential tenants off to your property. Chipping away at the current tile is a tedious task, but it is one that you can complete on your own. Laying the new tile is a do-it-yourself venture as well, and there are low-cost tiles available that still fit in with modern kitchen decor. Overall, this is one of the cheapest ways to give the kitchen in your rental property a much-needed facelift.
If there are new pieces that you need to add to the kitchen to make it look its best, shop through surplus retailers in order to snag a deal. You will have to deal with installation on your own, but the deep discount is worth the trouble. Many of these retailers provide the latest styles when it comes to kitchen decor, and you can find everything from countertops to islands this way.
Add an Island
Counter space is often at a premium in rental units, and more people are becoming interested in cooking their own meals at home. That means that offering more room to slice, dice, and mix sets your rental unit apart from the rest. An island offers an ideal way to expand counter space without actually adding a fixture to the kitchen. Design options include wheeled islands that can be removed from the room if your tenants want more floor space, so these portable options are ideal.
Cabinet space is another desirable feature in any kitchen. While adding an island will increase storage space, look at all of your options when it comes to low-cost methods of increasing storage for your tenants. Shelving on a bare wall can be used to stack dishes, and kitchens that do not yet have upper cabinets can benefit from having these installed.
Change Up the Lighting
A modern lighting fixture helps to change the decor while better lighting the space. While it will not improve a completely outdated kitchen, it can help to spruce up a kitchen that just needs a little boost.
Now that you know that there are ways to increase the rent you charge for your property while improving property value, it is time to get started. Whether you choose one or several of these suggestions, a small renovation can go a long way when it comes to attracting tenants.
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