Investors are always looking at ways to save money and it’s no industry secret that kitchens tend to be the number one room that buyers care about.
It also stands to reason that when flipping a property, you want to make sure you get the kitchen up to current tastes and leverage your renovations to increase your overall ROI.
Here are a few tips for spending where it counts and being conservative where it makes sense.
Consider keeping the kitchen layout.
Reconfiguring a space can eat up your kitchen budget in a flash. Moving plumbing, electrical work, and figuring out what to do with load-bearing walls is going to be expensive. Even with good contractors or sub-contractors, the cost associated with a new floor plan and potentially moving appliances is not only more expensive but can sometimes be cause for unexpected costs – like trying to move that load bearing wall. Galley kitchens were not ideal for a lot of homebuyers but trends and tastes evolve just like fashion evolves and cycles back all at the same time. Many modern and trendy homes are boasting galley kitchens and forgoing the kitchen island. This is not to say that in certain cases it is not imperative to change the layout! But a galley kitchen doesn’t always mean new kitchen layout.
- You can open up a galley kitchen without taking down an entire wall. Consider cutting out half of the wall and creating some counter seating on the other side.
- Deter from the “hallway” feeling by mixing up your materials and consider a patterned floor.
- Bright white kitchens are popular for a reason. Keeping everything light and airy will make it feel more open.
Consider keeping the cabinets, or what’s left of them anyways.
As a seasoned, or even newer real estate investor, the high cost of new custom kitchen cabinets is not news. If you’re scoping out potential new flip deals to purchase, check to see if the cabinets are solid wood and in decent shape. A coat of fresh paint and some new updated hardware might just do the trick and save you a ton of money. Another tip is to keep some cabinets and pitch the ones that don’t work. If some cabinets are in good condition and some are not, remove the bad ones and consider opening up a wall and installing some open shelving.
Consider lighting the way.
Updating the lighting can make a huge impact on the kitchen. There are ways to save on lighting by doing a little homework online. Etsy has some unique eye-catching pieces as do many local artisans. You can also check out some local interior designers on Instagram for inspiration and see what pieces they have found.