In the real estate industry, investors have different business strategies to create revenue. If you are the kind of property owner who specializes in selling fix and flip homes, you understand the importance of a kitchen remodel in elevating a property’s worth. Potential homebuyers usually assess the condition of the kitchen before deciding to purchase.
According to a 2017 study by Houzz, 40% of homeowners said that they longed to do a kitchen makeover, if only they had the money. That indicates that finances can draw you back. However, through hard money loans from Wildcat Lending, you can budget for a kitchen makeover and enjoy the bonuses once you sell the property. So, what critical areas of the redo project should you focus on?
The Scale of Kitchen Remodeling
When planning on a kitchen transformation, you must first estimate the scale of the project. Be careful when measuring the size of the kitchen. Inaccurate measurement may mean a higher budget and fixtures or elements that do not fit.
Then, take an overall look at the walls and doorways and measure their lengths and heights. At this point, you also need to assess the conditions of kitchen fixtures, such as the plumbing system and switches.
Having measured the extent of the renovation project, you can now begin drawing the intended kitchen layout, including switch placements in relation to appliances.
Your kitchen renovation budget will vary depending on the size of the area, the quality of materials and whether you want to transform the layout. On average, a kitchen do-over costs about $150 per square foot.
Ideally, you should spend between 5% to 15% of the total property value when remodeling the kitchen. If your property has a market valuation of $450,000, then you can spend anything between $22,500 and $67,500 and still receive a good return on investment (ROI).
Critical Customary Changes
Now that you know the extent of work, have the budget and have brought the walls down, it’s time to start the structural build-up. Configuring the frames, walls and windows requires carefulness since you want to fit every material in the right place.
You may need to replace the windows to create more cabinet space or include joists on the flooring material to support your kitchen island. That depends on your new kitchen layout and design,
- Cabinets and countertops. Cabinet installation requires patience because the procedure can take a day or two, depending on the available labor. It’s something you can subcontract or do it yourself. On the other hand, ceramic countertops are relatively difficult to install. Whether you choose a granite, marble or quartz countertop, you’ll require a qualified fabricator.
- Appliances, electrical wiring and plumbing. At this juncture, you know what appliances you need and where to place them. You’ll need a professional plumber to mount the dishwasher, conduit system, the sink and faucets. Additionally, you’ll need an expert electrician to connect light fixtures, electrical outlets and switches.
- Flooring. Installing the flooring material is one of the last stages of kitchen remodeling. When selecting the material, you need to know your budget and then choose an option that turns the home into a modern property. There is a wide range of flooring materials in the market, including sheet vinyl, wooden floor, ceramic and solid hardwood. Whichever you choose, ensure it has a curb appeal, requires low maintenance and highly durable.
How to Save on a Kitchen Remodeling Project
You may splurge a significant amount of money or spend less on a kitchen makeover. That depends on the location, the size of the kitchen and the kind of tweaks you intend to do. However, you can save cash in two ways:
Maintain the Same Floor Plan
If possible, do not interfere with the current layout, as that means you also need to change the existing plumbing network. Also, try to maintain the sink, electric and gas connections. That way, you avoid additional costs of transferring the fixtures.
When remodeling, avoid high-end sophisticated materials. For example, if you must have cabinets, search for easy-to-install models, instead of custom designs. Although you may also relish having drawer dividers and a counter-top garage, finding cheaper alternatives cuts down your budget.
The kitchen is something prospective home buyers will be critical about during a home showing. It’s no surprise, doing a kitchen makeover is key to boosting the property’s value. But to enjoy the bonuses of spicing up your home, you need to look for ways to create an aesthetic, functional, and modern kitchen without going overboard. Investing big bucks on the spare-no-expense kitchen may not be a smart move when you are targeting the highest return on investments. Consider going for small renovations with a big payoff.