There’s no question that house flipping can be a very lucrative investment. In fact, RealtyTrac’s Quarterly Home Flipping Report showed that in 2016, investors earned an average of well over $US60,000 before expenses per flip!
While there is not much property flipping research in Australia, according to Core Logic, nearly 90% of all flips during the year were done so for a profit.
There are a lot of factors which determine the kind of a return you’ll get on your flipped home. Smart investors are keenly aware that the kitchen is the heart of the home and that it needs to be the focus of your remodel if you want to get the maximum return on your investment.
But here’s the problem: the cost. You know that you need to deliver that “wow” factor to dazzle buyers and get multiple above price offers, and that requires money. Fortunately, there are several ways to save money on your kitchen reno without compromising the quality of your remodel or your sale price, all of which we’ve shared with you below:
1. A fresh coat of paint
Painting the walls of your outdated kitchen is an easy and budget-friendly way to update the room. When choosing your paint colours, keep in mind that this is a flip so you will want to choose an overall neutral shade and add dabs of on-trend colours throughout to make the kitchen feel more modern.
- Paint is less expensive than stain.
- You can save more if you visit the “whoops!” paint section at a custom-colour paint shop.
- Choose a paint-with-primer. It may cost more upfront, but you’ll need fewer coats which means lower costs and less effort.
2. Add a backsplash
Much like paint, adding a backsplash can completely change the atmosphere of this room. The backsplash doesn’t need to be extravagant – a basic peel-and-stick backsplash can deliver the same effect – but it should be wipeable and suit the theme of the room.
Here are some other interesting backsplash ideas that can add dollars to your sale price:
- Chalkboard paint
- Recycled glass
- Subway tiles
A word of caution, beadboard, chalkboard paint and peel and stick splashbacks are not suitable to splashbacks where this a gas cooktop, but may be suitable if you are replacing a gas cooktop with an electric or induction cooktop.
3. Consider the details
Small and inexpensive details can make all the difference. Don’t forget to consider commonly overlooked items when planning your kitchen renovation, like:
- Hardware (switching out pulls and knobs can give your kitchen a much needed dramatic update)
- Taps (adding function and beauty to your kitchen space)
- Crown moulding (giving even off-the-shelf items a completely custom look)
4. Buy DIY flat-pack kitchens
Fully assembled flat-pack kitchens are the perfect way to save while still building value into your investment property. Kitchen Shack has over 70 years’ combined experience in the kitchen industry and has a kitchen for every style and taste, from traditional kitchens to modern and shaker kitchens.
Dress them up or dress them down! Our team provides clients with in-store 3D computer kitchen design options so that you can build your kitchen without having to swing a hammer, and we can give you an on-the-spot quote for your kitchen build.