It’s not uncommon for investors to focus on desirable rental areas and then scour the market for high-value, low-priced properties. When they find their target, it often needs substantial work to bring it up to a standard that’s suitable for the rental market.
Renovating is often necessary for bathrooms and kitchens, which are the most influential areas of consideration by prospective renters.
Kitchens and bathrooms are costly to renovate, however. A combination of design, cabinetry and working where electricity and water co-exist makes any project complex.
However, you don’t need to empty your bank account to do a great renovation.
Here, we’re going to discuss some approaches to improve a kitchen, but you can apply the advice to bathrooms, too.
Before we begin, please note that you don’t always need to rip and replace either your kitchen or bathroom. This approach is the most expensive, of course. So, it’s best to try to work with what you’ve got.
Here are some tips for the kitchen.
- Good Bones: Establish if the timber structure of the kitchen structure is solid. A positive assessment means you can focus on aesthetic improvements and avoid pulling out the entire kitchen.
- Paint Job: Tired-looking cabinets have a negative impact on renters and will limit the amount you can charge for rent. The easiest fix is to paint the doors. Neutral colours are recommended. Whites and creams are the most effective choices. Bright colors will dominate the space and can look dated after a couple of years.
- Door Replacements: An alternative to painting is to replace the cabinet doors. This is a relatively inexpensive exercise, and it will transform the kitchen. While more expensive than painting, it’s still more affordable than replacing the cabinetry.
- New Hardware: Handles for cabinets and drawers is another inexpensive improvement. Avoid oversized handles as these tend to dominate the eye and can be visually overpowering in smaller kitchens. The right choice will give your kitchen a touch of luxury.
- Big Impact: You can enhance the feeling of luxury with your choice of tapware. Because you’re going to rent out the property, you should only select mid-range products. Cheap ones may prove unreliable and require replacing down the track.
- Let There Be Light: Another high-value improvement is the installation of strip lighting under the wall cabinets to light up the countertops. It’s a visually stunning feature that will impress any renter.