New rental property owners often spend far more money than they need to on bathroom upgrades, believing that a high-end bathroom will increase rental rates. However, an expensive bathroom remodeling project typically fails to enhance rental rates or property value as expected. Focusing on less costly and more durable options will help you maximize rent and value in your rental property.
Budget-Friendly Bathroom Upgrades: Avoiding Costly Overhauls
Improving a rental property takes a lot of budget-conscious planning to get right. Otherwise, you’ll sink cash into upgrades that won’t get you the desired return. Unfortunately, the bathroom is one room where this is too often the case.
New property owners may think they must completely gut and re-do every bathroom in their rental house to get that upgraded feel. But going that route will cost you. According to Remodeling Magazine’s “Cost vs Value” report, an average full remodel of a bathroom costs around $25,000, while an upscale remodel can cost $75,000 or more.
The problem is that a high-end bathroom doesn’t add as much to your property’s value or appeal as you’d think. Tenants are looking for rental homes that have a consistent level of quality throughout.
Depending on the market, this could mean different things. But if your property has luxury bathrooms but less-than-luxurious features in other rooms, you might end up turning prospective renters away instead of getting more rent. This is because renters often view inconsistent quality from room to room as a sign that the owner has limited cash, raising red flags for maintenance and repair issues.
Affordable Bathroom Upgrades Tenants Appreciate Without the High Maintenance
Many renters are uninterested in high-end upgrades. Tenants often want materials that are easy to maintain and durable rather than luxurious. A whirlpool tub or other upgrades that may not be used by tenants can be an inefficient investment. High-end materials can also require costly repairs, as they may be easily damaged. Opting for durable products can help prevent leaks or breakdowns, reducing maintenance needs in your rental property.
Creating a bathroom with an upgraded feel (without the upgraded price tag) can be reasonably easy. The trick is to focus on the upgrades that will make the bathroom feel updated without needing a complete overhaul. For example, a quality paint job and some new fixtures will go a long way toward creating a fresh and modern bathroom, as will simply replacing the grout and caulking. Light fixtures, drawer pulls, and towel racks are minor upgrades that give a room a high-end feel.
Consider installing a new one-piece tub and shower surround unit for bathtubs and showers that are ugly or not fully functional. Durable and affordable, they are quick to install and easy to maintain. Higher-end units can give a bathroom an upgraded feel without needing a custom tile job.
Choosing the right bathroom upgrades to create a rental property that appeals to prospective renters can be challenging. Real Property Management Titan can assist you in selecting upgrades that will increase property values and attract renters in Lewisburg. We ensure the work is completed in a timely and budget-conscious manner. For more information, contact us online or call us at 615-538-7711.
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