Do It Yourself (DIY) Renovation Ideas For Investment Rentals: Part I

Lease to own home kitchen

Tips and tricks for rental property investors who want to save money and get it done right with DIY kitchen renovation.

When you need to update a rental property, there are a lot of things you can do on your own that will save you a great deal of money. Remember that just about any renovation you plan to do is almost certain to run over budget and be beset with complications. Whether you hire a contractor, do it yourself or work alongside a contractor or handy man, you can pretty much count on unexpected costs and unforeseen problems. For this reason, you should always plan on having a contingency fund that will help you cover extra costs and sudden expenditures.

Be careful not to overdo it when investing in kitchen renovation. Good renovations do increase your property values, but if you become extravagant, you are unlikely to recoup your costs. Say you decide to sink $20,000 into a new kitchen. You are unlikely to recover that amount as it will probably only add $12,000 worth of value to the property. On the other hand, even though you might not immediately recoup your money invested in upgrades, you will be more likely to attract stable, long-term renters with a home that is very nice and comfortable.

Options For Fixing Up Your Rental Property

Sometimes cabinets that look awful really don’t need a lot of work. If your cabinets are structurally sound, painting them and putting on new hardware can make a big difference. It’s best to remove the cabinets from the walls and clean and sand them completely. Take off the doors and clean and sand them separately. Paint all surfaces of all components before re installing. A good kitchen paint job usually costs under a thousand dollars, but it can make a huge difference in the appearance of the kitchen.

If the kitchen cabinet hinges are the exterior type that show, you should replace them for a spiffy new look. Nice hinges made of brushed nickel generally cost between two and four dollars each. Be sure to get replacement hinges with holes that match the holes that are already in the cabinet doors and frames. Otherwise, you will need to fill in holes and drill new holes. This can be a real pain.

Of course, you absolutely must replace the handles on the cabinet doors. You can purchase brushed nickel handles in bulk and get a real deal. Get a pack of twenty or thirty, and you’ll only pay two or three dollars each.

To learn more, continue to Part II.

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