For new rental property owners, bathroom upgrades seem like the key to attracting higher rents, often leading them to spend far more money than they need to. The assumption is that a high-end bathroom will directly increase rental rates, but that is rarely the case. An expensive bathroom remodeling project often fails to generate significant improvement in rental rates or property value. Instead, focusing on less costly and more durable options will help maximize rent and value in your rental property.
Budget-Friendly Bathroom Upgrades: Avoiding Costly Overhauls
Improving a rental property requires strategic, budget-conscious planning. Without it, you may invest in costly upgrades with minimal return. Unfortunately, bathrooms are one of the most common areas where new property owners overspend. Some believe they need to remodel every bathroom in their rental house, but this can be financially draining. 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.
High-end bathrooms may seem appealing, but they don’t necessarily add significant value or appeal. Renters often look for rental homes with consistent quality throughout. In some markets, properties with luxury bathrooms but less luxurious features in other rooms can turn prospective renters away. When renters see inconsistent quality from room to room, it raises concerns about maintenance and repair issues.
Affordable Bathroom Upgrades Tenants Appreciate Without the High Maintenance
Most renters don’t value high-end upgrades the way homeowners do. Tenants generally prefer materials that are durable and easy to maintain. Investing in a whirlpool tub or other high-end upgrades renters may never use is often a poor investment. High-end construction materials can be fragile, creating costly repairs compared to more durable products. Selecting durable materials that withstand less-than-ideal conditions is a practical approach to avoid issues with items that may leak or break down.
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.
Determining which bathroom upgrades will create a rental property that appeals to your target tenants can be complex. Real Property Management Success can help. With our expertise and resources, we’ll recommend upgrades that boost your property values and appeal to renters in New Bedford. We also ensure that the work is done on time and within budget. For more information, contact us online or call us at 774-840-5140.
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