Save money on kitchen renovations for your investment property
An effective renovation can significantly increase rental return and valuation on a property. Here’s a few things to keep in mind when looking to save money on kitchen renovations.
KEEP THINGS SIMPLE
At a basic level, a kitchen is essentially just some cupboards, a sink and perhaps some basic appliances – it’s that simple. Unless it’s detrimental to the property or any other renovations you intend to carry out, work with the existing kitchen layout then just revamp what’s there. In regards to appliances, only replace what doesn’t work or is causing maintenance issues. A new kitchen doesn’t need a brand new stove, just because everything else is new.
When selecting doors and fittings, be mindful of the market the property is located in. Some areas you could get away with the most basic fittings and doors, while others may benefit from spending a little more on finishings. Always remember, however, you are renovating a rental, not your own home. You just need something serviceable – not a designer kitchen.
BE TIME & COST EFFECTIVE
In order to minimise the impact of a renovation on cash flow, go for quick options that provide the most efficient turnaround. While searching around for second hand items online may save a bit of cash it can be easier and more time-effective to get everything from one place. There’s a wide variety of flat-pack options available with everything you need, then just hire trades for installation.
It pays to be mindful of the logistics of a renovation. When selecting fixtures and fittings, ensure everything will be in-stock and available for delivery when you need it. Delivery delays or missing components can stall progress and could be costly if trades are waiting around for parts to arrive.
HOW MUCH TO SPEND
There is no need to spend more than $5000 on a rental kitchen reno. The difference between top-of-the-line fittings and basics doesn’t usually make that much difference to returns. Aim for somewhere between $500 and $2000 for materials, plus labour costs for installation.
Have you completed a kitchen renovation to increase returns? Let us know about it in the comments section below.
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