Renovating a kitchen doesn’t have to be a financial garbage disposal so long as you can figure out where to strategically spend your money.
With careful planning and strategic decisions, you can create a beautiful, functional space that adds value to your property without breaking the bank.
In this article, we’ll look at the best things to update in a kitchen remodel to increase home value, and functionality, and attract tenants or buyers.
Whether you want to buy or refinance—get started with Park Place Finance today.Cabinets: The heart of the kitchen
Cabinets are often the most visible aspect of a kitchen, making them a worthwhile investment.
Always choose quality cabinets with features like soft-close doors and drawers for a luxurious feel that enhances everyday use. They may seem like fussy little details, but paying attention to them will show that you’ve carefully thought through the design.
We know that as an investor you’re often looking for the most cost-effective option. If the current cabinets are in functional shape, consider refacing them or adding a fresh coat of paint.
Countertops: A balance of beauty and function
Countertops are another area where spending a bit more can pay off. Buyers are looking for high-quality materials like granite, quartz, or marble to add a touch of luxury and durability that can withstand daily wear and tear.
Especially if the property is entirely outdated, modern countertops can help boost the value of the property.
Appliances: The workhorses of your kitchen
Upgrading to energy-efficient appliances modernizes the kitchen and offers the selling point of reduced energy bills.
Consider spending a little extra on a high-quality refrigerator, oven, or dishwasher that blends seamlessly with your kitchen’s aesthetics.
A recent analysis of buying trends by Redfin found that stainless steel appliances, in particular, were found in the highest sale-to-list ratio homes in the U.S. for the summer of 2023.
Furthermore, newer appliances offering smart features like IOT and connectivity can add convenience and functionality. If a little extra cost makes cooking easier, it can pay off in time efficiency in the long run.
Backsplash: A splash of style
A backsplash is more than just a practical element that protects walls from splashes and spills—it’s an opportunity to personality into the kitchen.
According to the National Association of Realtors, kitchen backsplash is at the forefront of kitchen renovation trends and holds a special charm for buyers.
Its easy installation and update options make the backsplash a great canvas to add some color or pattern that will help it pop in the eyes of buyers or renters.
Most backsplashes span around 30 square feet, so even premium tile choices remain affordable for most budgets. It’s a simple tool to revamp older or dimly-lit kitchens.
Many professional renovators opt for gleaming glass tiles that reflect light or embrace trendy mosaics to elevate the overall style, which can significantly enhance the resale value.
The average cost for 16 square feet falls within the range of $400 to $600. Keep in mind that lower-quality ceramic tile may range around $300, while high-end, premium tile options can go up to $1000.
Lighting: Set the right mood
Good lighting is fundamental to creating a welcoming, functional kitchen. Invest in a mix of general, task, and accent lighting to illuminate the space effectively.
Consider energy-efficient LED lights and add dimmer switches to adjust the ambiance. This is another detail that will impress buyers and help them imagine themselves in the space whether it be for daily meal preparation or a dinner party.
Hardware and fixtures: The finishing touches
Hardware and fixtures (handles, cabinet nobs, etc.) may seem minor, but they can easily impact the overall look and feel of the kitchen.
Splurging a little on stylish items like cabinet handles, drawer pulls, and faucets can be a simple and cost-effective way to give the kitchen a curated, cohesive look.
Professional help: Consider it!
You may be a die-hard for DIY as an investor. But you may find it worth the cost in exchange for your time and a job done right to hire a contractor for some parts of the kitchen remodel.
This decision comes down to the complexity of the job and the level of your skills.
Ensuring your remodel is done right the first time will end up saving you from costly mistakes, both in time and money.
If your remodeling project is part of a larger strategy to sell the home quickly, delays can be doubly expensive and push back your sell date even further.
Hiring a professional designer or contractor from the get-go increases the odds you’ll get done on schedule and make the most of your space and budget, bringing your vision to life.
Having to hire a professional at the last minute to fix your mistakes can cost much more than if you had gone in that direction in the first place.
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A kitchen remodel is not only a chance to flex those design skills but also to help your bottom line and increase the value of the property.
When done right, a quality kitchen remodel can be a renovation that ends up paying for itself, whether in the selling price or the monthly rent you’ll be able to charge.
If you’re interested in learning more about how to get the most out of your investments—get started with Park Place Finance today!
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