Kitchens and baths sell a home, and this may also hold for rental properties. Many renters pay more attention to these parts of the property. Kitchen renovations are a priority for property managers looking to increase the marketability of a property. In NYC, Covenant Contracting Group shares some reasons to remodel kitchens in a rental property.
Mid-Range Kitchen Renovations Brings in High ROIs
The ROI for kitchen renovations is at 72.2% and is among the renovation projects with the highest returns. Kitchen remodeling does not need to cost a lot. You could focus on small upgrades like replacing older appliances, updating cabinetry, and repainting that could give kitchens a homier and more consistent look.
Update Kitchen Layouts for a Modern Feel
Some properties have kitchen layouts that are no longer attractive to the current rental market. You want the properties to look like it’s from the 21st century and changing the kitchen layout to add more space goes a long way to achieving this look. Modern layouts attract more tenants without costing a lot of money from the property owner.
Enhanced Kitchen Comfort
With more people spending time at home, tenants look for certain kitchen features to suit their current lifestyle. Properties that allow potential tenants to work comfortably in the kitchen and with enough outlets to plug phone chargers or even a computer could be attractive to people who can’t be away from their screens for a long time.
More Energy Efficient
An energy-efficient home is another salable point. Energy costs could be expensive, especially when the appliances in the property have been around for several years. Kitchen renovations involve upgrading appliances like ovens and dishwashers to newer models that work more efficiently while using less water and electricity.
Improve Kitchen Functionality
Unless previous tenants rarely cooked, you can expect kitchens to be one of the most abused parts of the property. At some point, the kitchen can fall apart. Cracked tiles, oil splatter on walls, missing cabinet doors, and other issues are common. Remodeling the kitchen prepares the kitchen for the new resident. During the process, contractors check for damage and perform repairs needed to have a working kitchen.
Minor kitchen renovations could go a long way to maintaining the condition of properties under your management. Focusing on high-quality renovations helps you keep vacancies low and allows you to charge higher rent. For rental property renovations in NYC, get in touch with Covenant Contracting Group to learn more about maximizing profits from kitchen upgrades, bathroom renovations, and other improvements.