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-   -   How much is reasonable for this renovation? (http://www.diychatroom.com/f2/how-much-reasonable-renovation-107156/)

management 06-09-2011 10:26 AM

How much is reasonable for this renovation?
 
Hi Everyone,

I would like to ho much one should spend on a 2BD/1BA apartment's kitchen pictured below. I would like to update it as much as possible but don't want to get diminishing returns. Currently it is rented for $870/month. The appraisal stated market is $1k/month. But it is seriously outdated and would love to get more than $1k/month if I can and increase the value of the property overall. The property is a 2-family and I live in the other unit.

Is $3k-$5k too much? Where should I start? I would be doing this myself with a little help from contractors if I need it.

http://img691.imageshack.us/img691/2...it2kitchen.jpg

user1007 06-09-2011 11:03 AM

Too many variables to be especially helpful to you I suspect. What quality and type of countertops, flooring, cabinets, lighting upgrades? Any plumbing changes or updates needed? Subfloors are alright? How are you going to get rid of what is there? Permit and inspection charges? What about price point on your appliance replacements? Paint?

You really push the limits doing electrical and plumbing yourself here. Some contractors will let you do the basics if they know you but many will not sign off on diy work. I building supply and box store parking lots grabbing license plate numbers of people carry romex and bags of electrical boxes and outlets.

Off the top of my head, $3-5K sounds very low for a kitchen renovation.

Now the good news is that unless you go crazy, you usually get what you put in a kitchen back out of it when selling. Or, in your case, it sounds like you could get enough of a rent increase to justify this.

rusty baker 06-09-2011 11:50 AM

A lot depends on where you live. Here, you can do almost anything to property you own without inspections or permits. Not that most people should, but they can. There are things you can do like putting skins on the front of the cabinets and new doors, that's a lot cheaper than new cabinets. Cosmetic changes can make a kitchen look updated.

joed 06-09-2011 11:52 AM

Are you replacing the appliances? That could run you 2-3K alone. Don't forget to factor in the $870/month you will not be receiving during the reno.

rusty baker 06-09-2011 11:53 AM

There are companies that can color the appliances to give them a more up to date look.

Ron6519 06-09-2011 03:47 PM

Try detailing what you want to do and what you define "updating" as.
You generally get as much effort as you put into a post.

management 06-10-2011 07:54 AM

So I just want to bring the space into modern times but it is a rental.

1. Replace appliances: I can get cheap appliances with my discount on GE appliances since I work for GE. It won't run me $3k at all.
2. Replace flooring
3. Replace cabinets
4. Replace countertop

The place has very good natural lighting. What I don't like is the location of the fridge. Also, since the range is so small adding a new one will take up a lot of space. So I need help figuring out what to do.

I have more pictures if you guys can chime in it would be much appreciated. Thanks!

josall 06-10-2011 09:34 AM

If you replace everything in the picture from Home Depot here is what it will cost (guessing at cabinet & flooring size, average quality). It all depends on what you can get for rent, at $1,000 it will take 27 months to get your money back.

W18301 $ 114.00 $ 114.00 B181 $ 149.00 $ 149.00 W30181 $ 124.00 $ 124.00 30" Rangehood1 $ 39.99 $ 39.99 30" Stove1 $ 399.00 $ 399.00 W18301 $ 114.00 $ 114.00 B181 $ 149.00 $ 149.00 W24301 $ 134.00 $ 134.00 Dishwasher1 $ 269.00 $ 269.00 W36151 $ 129.00 $ 129.00 SB-361 $ 199.00 $ 199.00 Countertop Preformed1 $ 150.00 $ 150.00 Sink Cast iron1 $ 246.00 $ 246.00 Garbage disposer1 $ 79.96 $ 79.96 Faucet Moen1 $ 99.00 $ 99.00 Refridgerator 21 cuft.1 $ 629.00 $ 629.00 Misc. Plumbing1 $ 150.00 $ 150.00 Flooring 80Sqft.80 $ 2.99 $ 239.20 Misc. Flooring1 $ 50.00 $ 50.00 Misc. Hardware1 $ 150.00 $ 150.00
Total $ 3,613.15

management 06-10-2011 09:38 AM

Quote:

Originally Posted by josall (Post 664596)
If you replace everything in the picture from Home Depot here is what it will cost (guessing at cabinet & flooring size, average quality). It all depends on what you can get for rent, at $1,000 it will take 27 months to get your money back.

W18301 $ 114.00 $ 114.00 B181 $ 149.00 $ 149.00 W30181 $ 124.00 $ 124.00 30" Rangehood1 $ 39.99 $ 39.99 30" Stove1 $ 399.00 $ 399.00 W18301 $ 114.00 $ 114.00 B181 $ 149.00 $ 149.00 W24301 $ 134.00 $ 134.00 Dishwasher1 $ 269.00 $ 269.00 W36151 $ 129.00 $ 129.00 SB-361 $ 199.00 $ 199.00 Countertop Preformed1 $ 150.00 $ 150.00 Sink Cast iron1 $ 246.00 $ 246.00 Garbage disposer1 $ 79.96 $ 79.96 Faucet Moen1 $ 99.00 $ 99.00 Refridgerator 21 cuft.1 $ 629.00 $ 629.00 Misc. Plumbing1 $ 150.00 $ 150.00 Flooring 80Sqft.80 $ 2.99 $ 239.20 Misc. Flooring1 $ 50.00 $ 50.00 Misc. Hardware1 $ 150.00 $ 150.00
Total $ 3,613.15

Why $27 months? Maybe my math is off.

josall 06-10-2011 10:06 AM

I just figured if you raiised your rent $130 it would take 27 months to pay for your investment.

management 06-10-2011 10:26 AM

Quote:

Originally Posted by josall
I just figured if you raiised your rent $130 it would take 27 months to pay for your investment.

Gotcha!!

So the list you have is hard to read but I see that it all comes to ~$3.6k. That doesn't seem bad but you think that is a reasonable investment for a rental?

I'd like to hear other opinions as well.

Thank you!

josall 06-10-2011 10:50 AM

To many variables to answer that question.

Ron6519 06-10-2011 11:07 AM

Quote:

Originally Posted by rusty baker (Post 664078)
There are companies that can color the appliances to give them a more up to date look.

I really loved the avocado back in the '70's
You think that will ever come back?

jomama45 06-10-2011 11:08 AM

I own some rentals, and I've ran into this same question many times. It seems the return in my situation would take far longer than your's potentially, mostly due to the large increase in rent you feel you can receive. If you can get it, good for you, it's just not my experience in my market.

I'd be aprehensive to install "average Home Depot" cabinets to replace the current ones in an apartment. Oftentimes, they're just not built heavy enough for the abuse that many apartments see. If the current cabinets are structurally good, I's consider re-facing the doors and maybe adding some crown moulding at the top of the uppers to give a nice look. Flooring is probably a feasible option, as it's less expense vs. the new influence it has on the room. Same with appliances.

One more thing you really should look into is the new lead RRP laws in place, as they're certainly going to have an effect on how you proceed with the project depending on the age of the building.

management 06-10-2011 02:43 PM

Any suggestions on where I can reposition the fridge and range to provide a better layout and provide space for a bit bigger range? I can probably get a thinner fridge. If it's not possible then let me know. Thanks!


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