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Some people will tell you that the kitchen is the heart of any home. So, it is important that you keep it well maintained and full of life.
The kitchen is one of the most universally used rooms in any home. After all, while certain rooms may not be necessary for you to use every single day, people need to eat. It is also one of the only rooms in a rental property where the property owner almost always determines the style instead of the tenant.
So, as a result it is only natural that through kitchen remodeling in your investment properties can be the key to introducing new life and value into an old property
To help you get started, here are five kitchen remodeling projects you can complete in order to increase the value of your rental properties.
But first, before you start kitchen remodeling in your properties, it is important to secure the funds you need to fully complete each project. So, in order to help you, click the link below for a free strategy call to learn how you can use equity to pay for your kitchen remodeling today.
Why is Kitchen Remodeling a Strong Investment?
First, let’s take a moment to answer the question of why kitchen remodeling is so valuable. The answer to this question breaks down to two main factors, frequency of use, and potential for customization.
The kitchen is one of the most used rooms in any home, especially if your tenants are a family. This is the space where home-prepped food is made, and groceries are stored. This makes them a high-traffic portion of the household as the residents constantly go in and out whenever they are hungry or thirsty.
Additionally, the kitchen is easily one of the most customizable rooms in a home before tenants come in with furniture. Think about the living room, bedrooms or home offices. Usually, these rooms are simply an empty box until you begin to move furniture into them. The way you furnish these spaces, determines the appeal of the space. However, for kitchens it is a different story. In the kitchen, you almost always have countertops, sinks, and cabinetry installed in order to make the room into a kitchen. These provide many opportunities for customization and design that can help bring the room to life.
Invest in New Cabinetry
One of the first things you should take a look at while working on kitchen remodeling in a property is the cabinets. Your tenants will be using these to store most or all of their dishes, cookware and dry goods so they need to be clean, sturdy and presentable.
If the cabinets currently on the property are worn down, discoloured or generally unappealing to look at, you may want to consider replacing them with new ones. If you want a cheaper option, you can simply replace the doors and hardware for the cabinets instead of entirely replacing them. Alternatively, you can refinish or repaint the cabinets to bring new life at an even lower cost.
Consider Custom Countertops
Many people are content with countertops that are simply functional. However, with the proper investment you have the potential to make your counters into a real statement piece that adds a lot of class and charm into the home. This makes them a great kitchen remodeling project.
Countertops can come in a variety of materials and styles at vastly different price points, each capable of giving the room a different feel compared to the others. For example, marble counters often feel elegant and refined, while stainless steel counters give an industrial vibe that may work well in chrome, grey or dark-coloured kitchens. Other popular styles of countertops include, tile, quartz, laminate, granite, butcher block, solid-surface, concrete and soapstone.
If you would like to take things a step further, you can also invest in a nice backsplash to put up above your counters. These are capable of not only protecting your walls from water damage, but they can also add an additional layer of personalization into the kitchen.
Focus on the Faucet
Another simple kitchen remodeling project is to turn your attention to the sink. While you may not think twice about it, a quality faucet can make the sink feel much more versatile and accessible – while also saving money on utilities by being more water-efficient. Faucets come in a variety of styles that can serve as both practical and aesthetic statements in the home.
If you wish to go beyond that, you can also replace the sink itself. Recently people have been opting to buy quieter sinks which create more muted sounds when they are in use, as well as deeper and wider sinks to allow more room for dishwashing to occur. Additionally, you may wish to install a garbage disposal in your sink to add additional functionality.
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Add New Appliances
A kitchen is not a kitchen without its appliances. So, if you are looking to spice up the room and bring it back to life by doing some kitchen remodeling, consider replacing the old appliances with new ones. These can make potential renters feel confident in the home because they are more assured that everything will be operational, and they will not be running the risk of anything suddenly breaking.
Fix the Flooring
Finally, one of the best things you can do during kitchen remodeling to fix-up the kitchen and introduce new value is to repair the flooring. Whether the kitchen is tile, hardwood, laminate or concrete, your tenants are going to want a nice sturdy floor without any cracks, gaps or worn-down areas. Just make sure when you are selecting a material for your kitchen floors, you are selecting one that is non-slip and easy to cleans so that people may use the kitchen safely.
Once You’re Ready to Invest
If you are ready to continue investing in rental properties, let us help you explore your options. Whether you need a pre-approval to buy a new property, or a refinance in order to utilize the equity you have built in your properties, our team at LendCIty is ready to help. So, let us get you started today by visiting LendCity.ca or giving us a call at 519-960-0370 Alternatively, click the link below to book a free strategy call today.