The kitchen is the heart of the home, and it is a major selling point for renters and buyers. Most people know about the benefits of kitchen remodeling for home sales, but what about with income properties? The trick is to modernize the room without cutting into your potential profits. To inspire your next investment, here are nine affordable kitchen upgrades for income properties.
1 – Replacement Hardware
Door hardware is easy to change out, and it can completely transform a kitchen. The new hardware needs to fit the style throughout the home but still look fresh and modern. Brushed nickel and oil rubbed bronze are popular finishes for today’s kitchen upgrades, but you could also choose copper, black or traditional bronze if it suits the space.
2 – Fresh Paint
A fresh coat of paint will instantly liven up a rental property. Choose a neutral color that works well with the cabinets, flooring and the rest of the home. Make sure it has a semi-gloss finish because that will be much easier to clean in the kitchen. If the cabinets need new paint, you will need cabinet-grade paint and primer.
3 – New Trim
If the baseboards and door trim in the kitchen look dull, you might be able to repaint them. If they are cracked, dented or dinged, you can easily replace everything for every little money. A large set of white trim costs less than $50 at the hardware store, and it will completely transform the look of your kitchen.
Note that if you do not have a miter saw, nail gun and other tools to install the trim, you can get a contractor to do so for a minimal fee.
4 – Refinished Countertops
Countertop refinishing is the perfect solution for income properties. It is significantly less expensive than countertop replacement, and it works on almost all countertop surfaces. You can make the tile or laminate countertops in your rental look like natural stone, but you don’t have to pay the price for it. Countertop refinishing requires no demolition, and it is durable enough to withstand even the roughest of tenants. For more information about tile or countertop refinishing, contact Maryland Tub and Tile.
5 – New Faucet kitchen upgrades
Have you ever gone into a home and thought, “Wow, fancy faucet!”? This is one of those features that you may not think about initially, but it makes a mediocre space feel a little more high end. Faucets are easy to install, and they come in a wide range of colors and styles. Get a faucet to match the new hardware in your kitchen, and you’re good to go.
6 – Energy Efficient Appliances
Wait a minute. Isn’t this a list of affordable kitchen upgrades? Appliances have become significantly more affordable over the last decade or so. You can replace a stove for $400 and make the kitchen look like new. If you opt for energy efficient appliances, you will lower the electric bill for the building and have an extra selling point when you list the rental. If you do not want to upgrade all the appliances at once, start with the oldest appliance in the kitchen and change them out slowly over time.
7 – New Backsplash
If the kitchen is fairly small, it won’t cost much to upgrade the backsplash. This is a lot less hassle than replacing the floor tile because you’re covering a smaller surface with fewer obstacles. If you have an existing tile backsplash, you could refinish the tile to save even more money. Get a finish that matches the countertop, and you’ll have a gorgeous new kitchen for a fraction of the cost. If you do not have a tile backsplash, you can mix cheap, basic tile with high-dollar accents for a custom look that won’t break the bank.
8 – Above-the-Range Microwave
If there is ample space above the stove, you may consider replacing the hood vent with an above-the-range microwave. There must be at least 17 inches of clearance from the top of the stove to the bottom of where the microwave would sit. This upgrade will clear countertop space, making the kitchen feel more open and spacious. These microwaves are considered a high-end luxury, but they cost about as much as a standard microwave.
9 – New Drip Pans
This is a no-brainer replacement. For around $10, you can make an electric burner stove top look like new with replacement drip pans. Most property managers replace these every time they get a new tenant, but this is something you may not think to do if you are new to investment property. Switch out the drip pans before you show the property, and you will get a much better reaction from potential tenants.
If you need more advice about kitchen upgrades for rental properties, contactMaryland Tub and Tile to schedule a free consultation.