Renovate Kitchen (ski resort, renter, countertops)

[Johan1983]

I am currently having a condo and i am renting it out

My agent tells me "dont renovate the kitchen if its not for yourself, it doesnt raise the value of the condo!"

Is it really true?

The kitchen cabinets are from the 70s. i Think it is time to remove the cabinets and buy a new sink and mixer. The fridge and stove are pretty new so i dont need to change them.

Do you think that i should renovate?

How much would it cost?

[Johan1983]

And of course, anyone you can recommend for the job?

[Johan1983]

Wow, alot of answers and ideas :-)

Dont speak all at once

[engineman]

Will rehabbing the kitchen bring a higher rent?

[LKJ1988]

Just spending money for a renter to tear it up.

[kyle19125]

Originally Posted by Johan1983

I am currently having a condo and i am renting it out

My agent tells me "dont renovate the kitchen if its not for yourself, it doesnt raise the value of the condo!"

Is it really true?

The kitchen cabinets are from the 70s. i Think it is time to remove the cabinets and buy a new sink and mixer. The fridge and stove are pretty new so i dont need to change them.

Do you think that i should renovate?

How much would it cost?

Your agent is cray-cray. How does renovating the kitchen (#1 return on investment in a home) not increase the value? Rental or not it still factors into the perceived overall value if you were to say want to sell it tomorrow. What kind of return on investment do you suppose it would carry with those 1970s cabinets staring down potential buyers? Furthermore investing dollars into improvements allows you to charge more and attract renters who are more likely to take care of it.

[Johan1983]

Originally Posted by kyle19125

Your agent is cray-cray. How does renovating the kitchen (#1 return on investment in a home) not increase the value? Rental or not it still factors into the perceived overall value if you were to say want to sell it tomorrow. What kind of return on investment do you suppose it would carry with those 1970s cabinets staring down potential buyers? Furthermore investing dollars into improvements allows you to charge more and attract renters who are more likely to take care of it.

I looked it up, it was really 1960s cabinets

How much do you think i need to spend? as i said, the Electronics are up to date, it is only cabinets and bench.

[spbbound]

If the intent is to sell, I don't think renovating would be worth it. If you spent $10k on cabinets I wouldn't give you $10k more than the comps in the building were going for unless the entire rest of the condo were rehabbed as well. If the intent is to rent, then I think renovating would be good. People love to do online reviews these days, VRBO, Airbnb, Trip Advisor, etc. and if your condo presents better, it's going to get better ratings, more people see it, more people want to rent it. Obviously you wouldn't want to go as high end on the rehab as you might if you were living in it yourself, but bringing it up to date is not a bad idea. My father has a condo at Breckenridge ski resort in Colorado that he uses exclusively as a rental. When he swapped out the 1980's cabinets and the hideous couches, next thing you know rentals started picking up. We found it reviewed on some websites and there were a lot of complaints about it being 'dated' prior to rehab, which probably turned people off from renting it even though functionally it was fine.

[kyle19125]

Originally Posted by Johan1983

I looked it up, it was really 1960s cabinets

How much do you think i need to spend? as i said, the Electronics are up to date, it is only cabinets and bench.

You can get it done between $2000-$3000 in terms of your kitchen cabinetry, especially if you are handy or have a reasonably priced handyman versus hiring more expensive "professional installers". Butcher Block is an inexpensive replacement for outdated laminate countertops and fairly easy to maintain as they can be sanded and resealed after a tenant moves out if need be. Check out Cabinets To Go for both items.


Kitchen Cabinets, Modern White & Oak Kitchen Cabinets | Cabinets To Go

[Buckeye Joe]

Renovation will be a plus, BUT you will have to watch the budget. Over doing to make it exceed the norm for the other units will not pay off but making it look clean, neutral and updated always pays off. Don't use formica if everyone else has granite or vice versa. Scrutinize the numbers, determine a payback time and stay within the budge.