Regardless if your real estate investing strategy is to renovate houses to flip them or rent them, I assume you want to make money. In order to do that, you need to be able to add as much value to the property at the lowest possible cost.
The kitchen is a big focal point for buyers and tenants alike, so creating a kitchen that has that “wow” factor will help your property stand out from the rest.
According to Home Advisor, the national average for a kitchen remodel in 2018 is $21,946 with a low-end average of $4,000. I’m going to show you how to transform your kitchen into something fabulous for less than $1,500 (I’m assuming a kitchen size of roughly 100 sq. feet.) Let’s get started.
Step #1: Spring Cleaning
Throw out the old appliances, empty the cabinets, and strip all the flooring down to the subfloor. Clear out all debris and trash to allow for a clean workspace.
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Estimated Cost: zero
Step #2: Transform Cabinets & Countertops with Rust-Oleum
Rust-Oleum is a fantastic product that allows you to easily make your old, worn-out cabinets & countertops look fantastic again – and it’s very cost-effective.
Here are the products you’ll need along with how-to videos:
Estimated Cost: $460
Step #3: Install New Sink & Faucet
Product links & how-to video:
Estimated Cost: $100
Step #4: Add Cabinet Knobs
Adding cabinet knobs is a small touch that can really make the kitchen pop. You can buy them at your local hardware store, Hobby Lobby, or online from a site like 99 Cent Knobs.
Estimated Cost: $30
Step #5: Painting
You can buy mistint paints from Lowes or Home Depot. Mistint paints are “mess ups” where someone in the paint department mixed the wrong tint for a customer.
At least where I live in MO, you can buy a 5 gallon mistint for roughly $30! A lot of your paint supplies can be purchased from the Dollar Store.
Estimated Cost: $50
Step #6: Install New Ceiling Fan w/ Light Kit
Installing a fan w/ a light kit is a great way to add that renovated feel to a kitchen, and will only take about an hour of your time.
Estimated cost: $100
Step #7: Install New Flooring
Peel and stick vinyl flooring looks fantastic, it’s quick/easy to install, and it’s inexpensive
Estimated Cost: $130
Step #8: Install Appliances
New kitchen appliances alone can easily cost you $1,500, but I found that you can find great deals on good, used appliances on Craigslist or at a local used appliance store.
Craigslist will be the less expensive option. Despite what you may think about buying things on Craigslist, I’ve had good success with buying appliances from CL.
I’ve found that most people selling their appliances are doing so just because they are upgrading, so the appliances are typically in good condition. Where I live in MO, you can easily pick up a good used stove, fridge, or dishwasher for between $100-$150 each.
Estimated Cost: $450
You don’t have to spend a small fortune to give your flipper or rental house kitchen that “wow” factor. Follow these 8 steps, and you’ll modernize that outdated kitchen into something beautiful that will be easy on the wallet. For some additional tips on adding value to your home, check out this post.