For most homes, kitchen renovations result in a loss. A major kitchen remodel has an average ROI of 54%, while a minor remodel sees an ROI of over 90%. That might be fine for the average homeowner who gets to enjoy their brand new kitchen. However, as someone investing in a fix and flip, you’ll want to ensure you’ve taken all the steps to maximize ROI.
Many minor kitchen upgrades can make your kitchen feel like it’s been through a major remodel. And, it’ll all be at a much lower cost.
The kitchen is a focal point when selling a home. People naturally gravitate towards the kitchen in any home. And a magnificent kitchen can have a lasting impression on potential buyers. So, it’s important to understand that it’s in your best interest to put some money into the kitchen. It’s all about finding the balance of putting enough into the kitchen to impress without going over budget.
When you bring up materials like marble, replacing countertops is an expensive topic. However, it doesn’t need to be. Search for appropriate alternatives that are cost-effective but will still give that new, shiny feel. Quartz and granite are both affordable materials you can work with for new countertops.
Make sure to measure out your countertops and do the calculations first. Take into account the total spend on the material and labor. Ask yourself, if it’s worth replacing your counters. If not, a simple laminate job might do the trick.
Out of all the options we present, the one we insist on is a fresh coat of paint. A fresh layer of paint on the walls makes a room seem cleaner and put together. The trick? You’re not planning to live in this house, so there’s no reason to be particularly attached to the paint color. Go to the local paint store and look at the discount bin. Just make sure to choose a color that is light (to brighten the room). Also, ensure the color doesn’t clash with the countertops of the kitchen.
Replace … Just the “Exterior” Parts
Maybe your flip and fix has terrible, old cabinets. You don’t need to shell thousands replacing all of the cupboards. There is a simple, cost-effective solution to old cabinets. Consider replacing just the cabinet fronts. This will give your entire kitchen a facelift without the cost. You can also replace all of the knobs and faucets in the kitchen with modern new additions. A new kitchen faucet can cost you as little as a $150 but can make the entire room look sleeker. Many professional “fix and flippers” will tell you that the number one rule is to “replenish not replace.”
Old appliances can age a house. On the other hand, new appliances can make the kitchen look brand new without any other work. However, your new appliances don’t necessarily need to be new. Check out local second-hand stores for discounted appliances that are “like new.” Or, search for appliance stores in your area that are going out of business and need to offload their stock.
Get Your Fix and Flip Hard Money Loan with WildCat Lending Today
Understanding the tricks to complete an impressive kitchen renovation on a budget was a smart first step. Now, it’s time for you to take action. A hard money loan is a perfect option for a fix and flip investment. Wildcat Lending has been providing hard money loans for real estate investors in Texas and Tennessee for years. Contact Wildcat Lending today to start your approval process.