The upkeep on a rental property can be a lot of work. However, they can be successful, you just need to ensure that you are balancing the costs of managing the property and the income. Most of the time, your costs will be limited to paying for upkeep that makes property operational and rentable.
Occasionally, you will need to do major projects that can cost a lot of money. Renovations can help make the property more attractive to renters, especially in a competitive rental market. One of the biggest renovations that will give you a return on your investment is a kitchen renovation.
There are a couple of ways to do a renovation. A quick-turn renovation – this updates the fixtures, countertops and cabinets, less expensive and can be accomplished quickly. A turn-key renovation is updating everything. Both types of renovation can be done on a budget, and don’t have to take a long time.
When you are ready for your kitchen renovation on your rental property there are a few things to keep in mind:
- Most of the time you can’t just raise the rent to cover the cost, so you need to be cost and time conscious. Work with a reputable company that can complete the project on your timeline and stay within the agreed upon budget.
- The design needs to appeal to the majority of prospective tenants. You need to take personal preferences out of the picture. Think about durability and what will appeal to the renters. Having thing that are easy to clean and have a good simple flow is a great choice.
- Avoid complicated designs. Your design needs to be timeless, so that you don’t have to re-do it to keep up with design trends. The goal is to improve overall functionality and create a clean canvass for your renters to put their personal touches on.
- You need to find the sweet spot between high end upgrades and lower renovation costs. Don’t be tempted to use cheap materials (they will devalue your space). You need to get materials that are durable and can sustain hard wear and tear and are stain-resistant.
- Maximize the space and pay attention to storage. Installing extra tall cabinets can help add storage and make the kitchen more appealing to your renters. If there is room, you can also put in wider countertops.
- Appliances are important to the design as well. If you are replacing appliances don’t buy cheap or high-end appliances. Cheap ones break down, and unless your rental is up-scale, the rent won’t justify high-end appliances.
The biggest thing to think about when you are ready to remodel the kitchen in your rental property is to find a solid company that understands your property. There are companies that specialize in working with rental properties. We know how to make your renovation come in on time and within your budget. Paramount Services specialists in working with property management companies with multi-unit properties. We can help you plan your rental property renovation for units of 50 to 5000.