Next time you survey your assets and investments, you may want to give some thought to the value of your residence and/or rental property.
As many professionals would agree, a kitchen renovation is a popular route to take when it comes to improving the look and feel of your home while adding value in the process. These cosmetic and structural changes are almost certain to earn or save you more money than they cost to implement.
What Higher Property Values Can Mean
What many landlords fail to realize is that the level of fit and finish in your rental property can go a long way when it comes to adding value – and in more ways than one.
Higher appraised property values straight up mean more value for you as the owner in rental rates – not to mention aesthetics, appeal and of course added resale value. In both of these ways, you are adding lasting value to your property.
Thinking about renovations in 3 Categories
As a property owner, you may be inclined to think about potential kitchen renovation projects in terms of three categories:
- Cost
- Aesthetics
- Durability
Big Spenders
People spend months (and often 10’s of thousands of dollars) drawing up plans, shopping for appliances and fixtures, color matching cabinets or countertops, picking out that oversized corner tub and deciding which type of faucets and accessories will best highlight all of the other decisions they make.
Here, you want to ensure that you don’t get too carried away (going too bold for example) and making your reno too dramatic for the average renter.
If you’re going to go high-end, try and stay somewhat neutral so as to keep a variety of tastes in mind.
In the end, remember a fundamental truth: Beauty they say, is in the eye of the beholder.
Durability
While many high end finishings look the part, consider the application. If in fact you intend on renting your property out for several years, consider how your reno will age.
For example, Hardwood floors may be all the rage, but tenants with kids and pets can take their toll here. Additionally, low quality kitchen cabinets may not stand up to heavier use and need to be replaced or repaired too often.
When selecting materials, you may want to favor durability just as much as good looks. After all, you are looking to maximize your investment here, and replacing flooring, paint, or high end tile every 5-10 years could really cut into your investment.
Faucets Galore
Today, there are thousands of choices in the faucet category. Traditional styles, contemporary styles, and now, there are even “transitional” styles that will look good in either setting.
As a shopper, not only do you get to choose the style, you get to choose the finish. There’s chrome, brushed chrome, nickel, brushed nickel, satin nickel, chrome with satin nickel accents, brass, brushed Brass, polished brass, and the list goes on.
Luxury has definitely been a hot topic among consumers doing kitchen makeovers in recent years. High-rise kitchen faucets, over-sized pull-down faucets and pot fillers have all seen a spike in sales across the country.
Popular TV shows and magazines have done plenty here to set the bar high, and as such homeowners at varying socio-levels are striving for the high-end, commercial-grade kitchen.
Be Mindful of Price
Compare prices. Luxury doesn’t have to mean high prices. Shop around for the styling and finish that you prefer and then compare prices with other brands that offer a similar style.
Often times, it is possible to get a very high end ‘look’ without actually breaking the bank. The goal here is to maximize wow factor without getting too carried away with spending.
More manufacturers entering the category means the affordable luxury mentality will bring more value to your property and rental fees you will feel good about charging.
Conclusion
In conclusion, finding the right balance between cost, durability, and aesthetic are key to ensuring you a renovation ROI.
