Tips for renovating your investment property’s kitchen

Right now is an excellent time to buy investment property in Neutral Bay but you need to ensure it is a comfortable and appealing home if you want to attract responsible, long-term tenants and achieve good rental yield.

If the investment property you own or are looking at buying is in need of some attention, the first place to upgrade is the kitchen.

Why fix up the kitchen in your rental property?

Redoing or renovating the kitchen in your rental property is worthwhile because:

– A new kitchen attracts tenants: The kitchen is a focal point of any property, and tenants will be drawn to a fresh and functional kitchen

– Quality kitchens increase value: A new kitchen will add dollars to the asking price for your rental property, and many upgrades are tax deductible.

– Your investment will retain value: Looking after your investment property with regular upgrades and maintenance will protect its value, so you can make a better profit should the time come to sell.

What upgrades add value to your investment?

Repainting

This is the quickest and most effective way to freshen up any room.

When you repaint your kitchen, aim for neutral colours that won’t overwhelm potential tenants. Neutral colours are timeless, help spaces to feel larger, and leave options open for decorative choices for the tenants.

New fixtures

The next best way to update a rental property kitchen is with a fresh set of fixtures.

Cupboard doors are usually the easiest to replace and can instantly update the space. Again, go for neutral colours to keep it classy and timeless.

Taps and other fixtures can also be modernised to make your kitchen more modern and appealing.

New benchtops

Benchtops can immediately date a kitchen, especially if they are scuffed, stained or damaged.

A benchtop doesn’t have to cost the earth. There are lots of cheap alternatives, many of which can be laid over the top of the existing benchtop.

If your rental property is high end, consider investing in a quality material such as engineered stone, which looks great and will last for longer.

Fresh splashback

A lot like the benchtop, old and off-trend splashbacks can detract from a kitchen’s appeal.

Splashbacks can be instantly transformed with a few coats of tile paint to freshen them up and bring them into the modern day. For new splashbacks, consider a subway tile look or a single glass panel.

Lighting

If you have a little more in your budget, you can even consider making some changes to the lighting.

Tenants like to be able to see well when they cook and will take note of the lighting in the kitchen.

Some carefully placed strip lighting can transform a kitchen and make it a much more inviting space to prepare food in. Always work with a professional when fitting lighting.

Storage

If there isn’t much storage space in the kitchen of your rental property, you could consider installing a free-standing pantry if you can.

Depending on the amount of room you have, an island with some drawers and room for people to sit at can be a modern and practical update.

Tips to save money on a kitchen renovation

Renovating an investment property kitchen shouldn’t break the bank. While it is worth making some changes, spending too much money will not pay off in the long run.

Here are a few tips to keep your renovations cost-effective:

Put your money into the fixtures

Cheap off-the-shelf kitchen cabinet solutions are easy to find at places like Ikea and Bunnings.

Buy quality appliances

Sturdy and reliable appliances might cost you a little more in outlay, but they will save you money over time. If you buy cheap and cheerful appliances for your kitchen, there is a good chance they won’t last, and you will find yourself replacing them for your tenants.

Buy second hand

A little hunting will always turn up quality secondhand goods that can help to freshen up your kitchen.

As well as second-hand furniture stores, sites like Gumtree and Facebook Marketplace always have gems going cheap.

Finally, don’t forget your investment property upgrade costs can be tax deductible. Keep a record of the money you spend and speak with your accountant about claiming funds back.

Want some advice on how to upgrade your investment property? Contact HPA today.