Whether you're looking to flip a home or are even considering putting your own home on the market, there's a good chance you'll be doing some kitchen renovations. After all, today's buyers place a high priority on updated kitchens. As you plan your kitchen-updating project, then, you'll want to make sure you know where to put your money when renovating. This way, you can enjoy the greatest return on your investment.
These days, buyers desire high-end appliances to achieve the feel of a gourmet kitchen. Specifically, stainless steel is a very popular and modern appliance style, and buyers tend to prefer gas ranges over electric ones. While shopping for appliances, then, it's better to spend a little more on appliances for a greater return on investment. If the existing kitchen is wired for an electric range, it may also be worth it to have a gas line run to the kitchen for access to a gas range (depending on your budget).
Cabinets are another undoubtedly important aspect of any updated kitchen. These days, shaker-style wood cabinets that reach all the way to the ceiling for additional storage are in high demand. Soft-close drawers, pull-out cutting boards, and unique storage options are also a must if you want to give your kitchen a luxurious feel.
However, if you're on a tighter budget, you may want to consider a veneer cabinet option, which is significantly cheaper than wood and will not be distinguishable by most buyers.
Finish your kitchen cabinets with high-end hardware, such as brushed nickel or stainless steel knobs and pulls, for a modern look that today's buyers love.
One area of the kitchen where you really don't want to go cheap is around the counter tops. Today's buyers expect high-end counters in a kitchen, including natural stones like granite and quartz. These types of counters will cost you more in the short-term, but will provide you with a great return on your investment. Buyers like stone counter tops because not only are they beautiful; they're also extremely durable. For the best return on investment, go with a grade 2 granite or natural stone counter.
Depending on your budget and the area where you're trying to sell, you may be able to save some money by going with a laminate counter top that mimics the look and real granite. Understand, however, that you probably won't enjoy as large of a return on your investment with this option.
There are so many fun flooring options to explore when renovating a kitchen space. If you're going for a higher-end kitchen, opt for real wood or even bamboo floors for a timeless and elegant appearance. If you're going for something a little more modern, consider large porcelain tiles for your kitchen space, which are extremely durable and come in designs that mimic the look of natural stone or even wood.
For the largest return on investment with your kitchen flooring, be sure to avoid cheaper flooring options, such as lower-grade laminate and linoleum.
Finally, understand that any luxury kitchen these days needs a modern tile backsplash to tie together the entire design. To appeal to the largest number of potential buyers, be sure to select a timeless design for your backsplash. You can't go wrong with plain white subway tiles or neutral stones for a look that will stand the test of time and go with just about any paint color or design.
As you can see, there's a lot to keep in mind when it comes to budgeting your next kitchen remodel so you can get the largest return on your investment. Looking for help with renovation financing on your home flip? Go ahead and contact us today!
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