Negosentro.com | 6 Kitchen Updates That Boost Your Rental Income | There’s arguably no bigger dilemma that a landlord can face than a vacancy — except, perhaps, a rental property that doesn’t make enough money to cover its cost, let alone gain enough profit to help build wealth.
Landlords need to master the art of attracting and keeping renters. This means that, as a landlord yourself, you must make sure that your rental property is as comfortable, functional, and beautiful as it can be while still allowing tenants to make their own mark in the place.
Rental properties should provide more than enough income to recoup its cost and cover the upkeep – all while providing a continuous flow of profit to its owner. Depending on the situation, you can achieve this by getting expert help from a property management company and investing in upgrades and updates.
However, experts don’t recommend renovating an investment property as you would your own home. You must only remodel the house or apartment in a way that meets modern standards in such a place. This also means that you have to choose the right areas to improve to get the most ROI. In this case, the kitchen is definitely the right choice since it is a room that many tenants look at closely when making their decision.
Not sure what to do? Below are six kitchen update ideas that can effectively boost your rental income:
Refresh the Countertops
In many interior design ideas, countertops also serve as a focal point in a kitchen. To maximize your profits by improving just this specific area of the house, one great idea is to use granite – or at least, create an illusion that you did.
Granite counters rank high in most tenants’ dream kitchen wish lists. But even if your budget allows it, adding new granite countertops may sometimes be an unnecessary expense for rental properties.
Remember that the goal is to get the most ROI, which means you must find ways to reduce the cost while still getting the same effect. To give the entire space a newly remodeled look while heeding this advice, choose laminate as the countertop material.
Besides having the beauty of granite, laminate can also withstand scratches, stains, and heat well. This type of material can recreate the look of granite at just a fraction of the cost, helping you achieve a high-end look to your rental property kitchen that appeals to tenants.
Give the Cupboards a Makeover
Cabinets and cupboards play a significant role in the kitchen in terms of functionality and aesthetics. In fact, the wrong cabinet makes a kitchen appear outdated and unappealing.
While replacing cabinetry can be a bit costly, there are ways that you can update this component of the kitchen without busting your budget. You can try updating the fixtures, changing the doors, or applying a fresh coat of paint to breathe new life into those old cupboards.
Not only can this give the place an instant facelift, but it also provides added value for the entire rental property.
Do the cupboards feel a bit old and outdated? Paint them white to achieve a modern look. Are they too bulky, making the kitchen feel small? Consider switching from wooden doors to glass to open the space up.
Expand the Space
Space is something that most tenants can’t seem to get enough of, especially in the kitchen. But when experts say, “expand the space,” it would be best not to take this in a literal sense.
Some rental properties simply have a limited floor area. And this often means that the kitchen will be small, too.
But despite their size, small kitchens can have the same functionality as larger ones. For a small kitchen to feel bigger, you must concentrate on finding ways to make the most out of the available space.
Observe the layout and determine what needs to be changed to optimize the area for efficiency.
Remove any kitchen island that makes maneuvering the kitchen more difficult. Add more storage, especially in dead spaces and commonly unused areas. Think about innovative solutions – from high pantry cabinets to rotating inserts and pullout shelves – that considerably increase functionality without overwhelming the kitchen.
The bottom line is that while you may not be able to increase the actual floor area of the kitchen, you can increase its efficiency. If you do so, it will directly affect how renters see your rental property, increase its appeal, and boost its value right along with it.
Toss in a Rug
Adding fabric in the kitchen is another easy and practical update that can attract renters who would be willing to pay more for your rental property. So, if the kitchen is looking a bit drab, tossing in a rug will surely help.
Aside from adding pattern and color, choosing the right rug can infuse some personality into the kitchen. This can help you make a good first impression on potential renters and upsell the place for a better rental rate.
For optimized results, take it a step further and work the textures well with the rest of the interior design. Also, think about the scale or size of the print and the unique patterns that help create more depth into the room.
To ensure a balanced look, choose rugs with neutral prints composed of one to two color variations. If you’re looking for a bolder appeal, stick to quieter textures while piling on the color.
Repaint with Neutrals
If you haven’t already, make sure that the kitchen walls are painted with neutral hues. Aside from giving the walls a good, clean look, sticking to neutrals allows potential tenants to see the kitchen as a blank canvas they can work with.
When working with paint in the kitchen, white is your safest bet. Besides offering a modern and homey look at the same time, this color (or the absence of it) helps light bounce around the room.
Matching appliances is another way to boost your property income simply because it will attract good quality tenants. Of course, you need not replace any piece that doesn’t match the rest. You can simply order new panels or doors for the models you have and switch them up at just a fraction of the cost of buying a new model altogether.
Take your refrigerator, for example. It would seem impractical to buy a new one simply because you want to change the way your kitchen looks with it, especially if it still works well.
Instead, go for a more efficient and affordable way to match it with the rest of your appliances by covering it with wallpaper. To protect it against moisture, you can seal the wallpaper with polyurethane.
Update Your Kitchen, Upgrade Your Rental Income
There are many ways to boost rental income, but none is as cost-effective as updating the kitchen. Consider doing one or two of the updates listed here and watch your wealth start to grow.
Mark Tolland is the Founder and Managing Director at Abode Property, a boutique real estate brokerage ﬁrm providing top-notch, personalized services to discerning landlords looking to sell or let out their premises in prime locations of Dubai like Marina, Downtown and The Palm. The firm also advises global HNIs looking to rent or buy a prized asset in Dubai, and prides itself in upholding high service standards, ethics and accurate advice.