Property Management Tips: Smart Kitchen Remodels for Rentals
Updated kitchens and bathrooms are hot commodities in today’s home construction and renovation business, with kitchens being the more expensive to redo. At Access Property Management Group in Grand Rapids we see that the challenge facing investment owners is how to walk the line between a kitchen that looks great and functions properly, but doesn’t cost so much that it hurts the bottom line.
When renovating kitchens, rental property owners are competing not just with all the other kitchens out there, but with kitchens consumers see on television. Cable channels are full of before-and-after rehab shows that feature knockout kitchens. We’re talking granite, cement, or stone countertops, wood or tile flooring, elaborate backsplashes, beautiful cabinets, and appliances that appear to be top of the line. The operative word here is “appear.”
Buying high-end appliances and appointments is completely unnecessary from a rental standpoint. But buying cheap isn’t a good idea either, as cheap materials tend to break down easily and result in needless repair and replacement costs. An investor is better off buying sturdy, middle-cost faucets, faux granite countertops, and vinyl wood or affordable tile flooring. Manufacturers are all too aware that most consumers cannot afford high-end products, and they are producing durable “look alike” goods at reasonable prices.
Rental properties need to look great in order to compete with other homes on the market, but at the same time they need to be able to stand up to a lot of wear and tear. A smart renovation plan achieves the right look at the right cost.
At Access PM Group we take these needs into consideration and strive to offer the best advice out there to help you, the owner, reach your bottom line and your residents, happy with the design.