Don't Over Rehab: How to Select Finishes for Flips and Rentals
Introduction
When it comes to rehabbing properties for flips or rentals, it's crucial to strike a balance between quality and cost. In this blog post, we will explore the different finishes that can be used in both flips and rentals, and how to select the right ones to maximize your profits. We will also discuss the costs associated with each type of rehab project and provide tips on how to save money along the way.
Key Takeaways:
1. Consider different remodeling budgets instead of relying solely on price per square foot.
2. For flips, opt for European-style kitchens with flat panels and flush handles for a modern look.
3. Use simple quartz countertops with gold veins for an elegant touch in flips.
4. Stick with affordable and timeless shaker cabinets for rental property kitchens.
5. Get creative with bathroom finishes for flips, such as quartz countertops with gray veins and white or gray shaker cabinets.
6. Use budget-friendly options like laminate countertops and pre-fabricated cabinets for rental property bathrooms.
7. Find the right balance between cost and quality for flooring and tiling, using luxury vinyl plank flooring for flips and porcelain or ceramic tiles for rentals.
8. Invest in statement light fixtures to create a luxurious atmosphere in flips and rentals.
9. Consider the cost and level of customization when renovating bathrooms, with half baths being more affordable than master bathrooms.
10. Carefully plan bathroom designs, considering the complexity and cost of different tiles and elements.
11. Understand the cost breakdown of a bathroom renovation, including materials and labor expenses.
12. Proper planning is crucial for niche design in bathrooms, as it can significantly impact cost and labor.
13. Select finishes that fit within the budget and specific needs of the property for successful rehab projects or rental properties.
Understanding Remodeling Budgets: Moving Beyond Price Per Square Foot
Tom Tran, a seasoned flipper in the Bay Area, emphasizes the importance of considering different remodeling budgets rather than relying solely on price per square foot. He explains that a generic price per square foot concept may not accurately reflect the costs associated with different rehab projects. Instead, he suggests categorizing budgets into ranges, such as $50,000, $70,000, $75,000, $100,000, or $150,000, to determine what can be accomplished within each budget.
Kitchen Finishes for Flips: Affordable and Stylish Options
When it comes to selecting kitchen finishes for flips, Tom recommends a European style with flat panels and flush handles. This style gives a modern and expensive look without breaking the bank. The cost for this type of kitchen ranges from $8,000 to $10,000, excluding the countertop. Speaking of countertops, Tom suggests using simple quartz with gold veins, as it adds a touch of elegance to the kitchen. These countertops typically cost around $400 to $500 each, with the island being slightly more expensive.
Kitchen Finishes for Rentals: Budget-Friendly Choices
For rental properties, Tom suggests sticking with affordable shaker cabinets in white or gray, as they are timeless and versatile. He mentions that a small rental kitchen can be remodeled for under $5,000, including all the cabinet materials. To add a custom touch, he recommends using wood slates that can be easily purchased from Home Depot or any other hardware store. This simple addition can elevate the look of the kitchen without breaking the budget. These cabinets can be purchased for a reasonable price, making them a great choice for flips.
Bathroom Finishes for Flips and Rentals: Versatility and Creativity
Bathrooms offer a lot of room for creativity when it comes to finishes. Tom explains that there are several options to consider for both flips and rentals. For flips, he suggests using quartz countertops with gray veins, as it adds a touch of elegance and modernity to the space. These countertops typically cost around $400 to $500 each, depending on the size and complexity of the design.
For rental properties, Tom suggests opting for more budget-friendly options. He recommends using laminate countertops that mimic the look of quartz or granite. These countertops are much more affordable, typically costing around $200 to $300 each. In terms of cabinets, Tom suggests using pre-fabricated cabinets in white or gray. These cabinets are cost-effective and can be easily installed. By choosing these budget-friendly options, landlords can save money while still providing a clean and attractive bathroom for their tenants.
Flooring and Tiling Options: Finding the Right Balance
When it comes to flooring and tiling, Tom emphasizes the importance of finding the right balance between cost and quality. For flips, he suggests using luxury vinyl plank flooring, as it provides a high-end look at a fraction of the cost of hardwood flooring. This type of flooring is durable, easy to install, and comes in a variety of styles and colors. The cost for luxury vinyl plank flooring ranges from $2 to $5 per square foot, depending on the brand and quality.
For rentals, Tom recommends using porcelain or ceramic tiles for both the bathroom and kitchen. These tiles are affordable, easy to clean, and can withstand heavy foot traffic. In terms of design, Tom suggests using neutral colors such as white, gray, or beige, as they appeal to a wide range of tenants. The cost for porcelain or ceramic tiles ranges from $1 to $4 per square foot, depending on the size and design.
The Importance of Lighting: Creating a Welcoming Atmosphere
Lighting plays a crucial role in both flips and rentals, as it can greatly impact the overall atmosphere of a space and the overall atmosphere. For flips, Tom suggests investing in statement light fixtures, such as chandeliers or pendant lights, to create a luxurious and high-end feel, instantly elevating the space.
The Cost of Bathroom Renovations: Half Bath vs. Master Bathroom
When it comes to renovating bathrooms in flips and rentals, it's important to consider the cost and the level of customization. For a half bath, which typically includes just a toilet and a vanity, you can get away with spending under $5,000. However, if you're tackling a master bathroom with a tub and shower glass enclosure, the cost can go upwards of $20,000 or even $30,000 if you're moving things around.
Designing Bathrooms: Tiles and Elements: The Complexity of Bathroom Design
Designing bathrooms can be more challenging than designing kitchens due to the many elements involved. For example, in a single bathroom, you may have four to five different styles of tiles, including floor tiles, accent wall tiles, shower wall tiles, and shower floor tiles. Each of these tiles adds to the overall cost, with most tiles priced under $10 per square foot. It's important to carefully consider the design elements and their costs when planning a bathroom renovation.
The Cost Breakdown of a Bathroom Renovation: Materials and Labor Expenses
To get a better understanding of the cost breakdown for a bathroom renovation, let's take a closer look at a specific example. If you were to renovate a bathroom similar to the one shown in the video, the total cost would likely be around $15,000. This includes materials, which can range from $6,000 to $8,000, and labor, which typically starts at $5,000. However, if you choose to use more tiles, the cost can increase significantly.
Niche Design and Expenses: The Importance of Proper Planning
One aspect of bathroom design that can significantly impact the cost is the niche. A niche is a recessed area in the shower wall used for storage or decorative purposes. The size and design of the niche can vary, and it's important to consider the additional work involved. For example, if the niche is wide, it requires cutting a two by four and adding a header, which can be time-consuming and costly. However, if you opt for a pre-existing medicine cabinet, the cost and labor are significantly reduced.
Rental Bathrooms: Cost-Effective Options
Rental bathrooms offer a great opportunity to save on costs while still achieving a stylish and functional space. One cost-effective option is to choose finishes that are durable and easy to maintain. For example, instead of opting for expensive quartz or granite countertops, you can consider more affordable options like laminate or solid surface materials. Additionally, choosing pre-fabricated cabinets, such as European style flat panels with simple handles, can help save on both material and labor expenses.
Tips For Choosing a Color For Rental Bathrooms
Another way to save on costs is by selecting a neutral color palette for your rental bathroom. Shades of white and gray are popular choices for a modern and clean look. You can also consider using Shaker cabinets with wood slates for a timeless and versatile design. These finishes not only have a wide appeal but also tend to be more budget-friendly compared to custom or high-end options.
Cost-Effective Designs For Tiling
When it comes to tiling, there are several cost-effective designs that can still make a statement. For example, using larger tiles can help reduce labor costs as they require less time to install. You can also consider using subway tiles, which are affordable and have a classic appeal. Another option is to mix and match different types of tiles to create a unique and visually interesting pattern. By carefully selecting your tile options, you can achieve a high-end look without breaking the bank.
Choosing to Customize Designs
In terms of customization, it's important to strike a balance between personalization and cost. While it's tempting to go all out with extravagant fixtures and features, it's important to consider the return on investment for a rental property. Instead of investing in expensive and trendy fixtures, opt for more affordable options that still offer a modern and functional design. For example, choosing a standard showerhead and faucet can save on costs without compromising on quality.
Conclusion
When selecting finishes for flips and rentals, it is important to consider the budget and the specific needs of the property. By focusing on different remodeling budgets rather than just price per square foot, you can determine how much can be done within a certain budget. For kitchens, the European style with flat panels and flush handles is a cost-effective option, while for rentals, shaker cabinets with wood slates can create a custom look at an affordable price.
When it comes to bathrooms, the cost can vary significantly depending on the type of bathroom and the materials used. It's important to consider factors such as the cost of tiles, labor, and additional elements like shower pans and niches. Choosing the right flooring, whether it's luxury vinyl or engineer hardwood, can make a big difference in the overall look and feel of the space.
Overall, by carefully selecting finishes and considering the costs, you can achieve a successful rehab project or rental property. To ensure the best results, it's beneficial to work with a blend of designers and subcontractors to gather different ideas and perspectives.
