In a competitive rental market, McKinney property owners every so often consider that building a dream kitchen may be able to support and help them attract higher-paying tenants. Conceding that the kitchen is a crucial component of each and every rental home, high-end or luxury upgrades rarely result in a higher rental rate. Only if your whole rental home is in the same way upgraded and in a market that may perhaps support higher rent, the excellent solution is to create a kitchen that features less expensive and more durable elements.
Homeowners commonly dream of upgrading their kitchens with high-end cabinets, appliances, countertops, and flooring. But what is generally known of expensive materials such as granite and hardwood is that they are quickly damaged and usually need far more care and attention to maintain. Despite the fact that a homeowner may think to have these added responsibilities are worth having in a beautiful kitchen, a tenant doesn’t think in a like manner. Materials that are just too expensive to repair or replace or that are certainly easily damaged are not a beneficial choice for a rental home, partly due to the fact that they increase your maintenance costs and also, to some degree, given that tenants do not care at all for the chore of maintaining that level of luxury.
There are numerous reasons why creating your dream kitchen is not the best project for your rental property. Tenants are usually interested in rental homes built to reduce the amount of upkeep demanded. Even though they do still like quality appliances and updated features, tenants are very likely to look at a high-end kitchen as more of a hassle than a bonus. Hence, even as you might think that a high-end kitchen will make you charge more in rent, your tenants may probably not be excited to pay a higher rate for that feature alone.
Plus other dilemmas appear if the kitchen you are planning to remodel doesn’t match the quality of the rest of the rental property. Inconsistent upgrades would be a big concern for a rental property. A home with a good-looking kitchen but with dingy, dated bathrooms or worn carpeting may possibly raise up lots of red flags for a prospective tenant. They may probably reckon the rental house as an unfinished project, not a complete rental home ready to be lived in. Upgrading one room in the house also does little to increase your property values, mainly if the home is not in an upscale area.
So we suggest that instead of spending big on a high-end kitchen, consider having simple updates. An inexpensive and durable countertop and floor, a matching set of new appliances, and some new fixtures might change and make an older kitchen feel fresh and modern. Worn cabinets oftentimes could be painted or resurfaced to bring about a whole other look or design for a fraction of the cost and would quickly bring a dated kitchen into the present. Even having minor aspects such as a new light fixture and drawer pulls can give attractiveness and a new vibe to a room. Additionally, you won’t spend so much time tormenting yourself over whether your tenant will cause costly damage to your expensive tile, stainless steel appliances, or granite countertops.
In a nutshell, until you have the budget to fulfill high-end upgrades of lasting design and quality all over an entire investment property, the best preference is adhering to quality mid-range improvements. Nonetheless, it can thus be burdensome to understand which upgrades will add value to your rental property and correspond to rent increases. Why not hire the professional McKinney property managers at Real Property Management One Source to support you in this venture? Our industry mastery and best remodeling contractors should be able to help you to ascertain the ideal ways to make better your rental property to get the most of your rental rates and grow your property value. Contact us or call us at 214-960-1612 for more beneficial information.
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