Housing affordability has hit an all-time low here in Melbourne, resulting in an increase in demand for rental properties. According to a 2016 survey, only 65 percent of Australians were living in a home purchased or mortgaged by them. Most of the other 35 percent were renters.
This is good news for property owners with rental properties as there is clearly no shortage of renters available. But did you know that the kitchen in your rental home can have a major impact on the return you get from your property?
The kitchen is the heart of every home
There’s a reason why Melbourne kitchens are the most popular home renovation project: the return on your investment can be extremely high.
Statistics show that a kitchen renovation can return as much as 80 percent of its investment costs if you were to resell the property. While you may not be selling your rental property today, that stat is important for all investors in domestic property.
There are a lot of reasons why we all love our kitchens:
• Often centrally located, the kitchen is the focal point of a home,
• This room is where we all naturally gather and entertain while we cook, eat, and spend family time, and
• The kitchen is where we can show off our personalities and tastes through design as well as through the foods we prepare
The rental market is fierce
Having a modern, well designed kitchen makes your property all the more attractive to prospective renters. But while there may be an influx of renters available, there has also been an increase in rental properties to match that demand.
Tenants appreciate having a gorgeous, functional kitchen design just as much as a homeowner. In fact, having a great kitchen is what may tip the scales in your favour to not only have your rental property quickly swooped off the market by the type of tenant you seek, but to also allow you to reasonably increase the rent so that you receive maximum return for your investment.
Resist the urge to overspend on your Melbourne kitchen renovation
A kitchen renovation is only profitable if you don’t overspend. It’s easy to get swept away in the kitchen design process (and the costs that come with it!), but a Kitchen Shack kitchen makes it easy to install a beautiful and affordable kitchen in your rental property.
Kitchen Shack offers complete custom flat pack kitchens and easy-to-install DIY kitchen designs that are known to boost rental income and give homeowners the best return for their dollar. From traditional to contemporary, our attractive high quality kitchens come fully assembled so property owners can cut their installation costs while still adding value to their homes. More importantly being based in Melbourne ensures a quick manufacture and delivery to have your rental property ready sooner!
We invite you to explore our website to find out for yourself why Kitchen Shack is a finalist in the CMDA Awards ‘Best Kitchen up to $15,000’ finalist for 2017! If you have a Melbourne kitchen renovation project already in mind, call our friendly team of professionals today to find out how you can save on your kitchen flat pack kitchen renovation.