Next to the kitchen, bathroom upgrades are often where new rental property owners spend far more money than they need to. The assumption is that a high-end bathroom will automatically lead to increased rental rates, but this is rarely true. An expensive bathroom remodeling project often doesn’t translate into higher rental rates or increased property value. If you want to maximize rent and value, focus on choosing less costly and more durable options. Avoiding dream bathroom upgrades is one mistake you don’t want to make in a rental property.
Budget-Friendly Bathroom Upgrades: Avoiding Costly Overhauls
Improving a rental property requires budget-conscious planning. Otherwise, you risk investing in upgrades that won’t yield the returns you’re hoping for. The bathroom is one room where new property owners often make this mistake. Many assume that they need to gut and completely remodel every bathroom in their rental house to achieve an upgraded feel, but this is a costly path. 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 reality is that a high-end bathroom doesn’t add as much to your property’s value or appeal as you might think. Tenants generally seek rental homes with a consistent level of quality. In some markets, a property with luxury bathrooms but less-than-luxurious features in other rooms may turn prospective renters away instead of attracting higher rent. Renters often view inconsistent quality from room to room as a warning sign of maintenance and repair issues.
Affordable Bathroom Upgrades Tenants Appreciate Without the High Maintenance
Surprisingly, many renters don’t want the high-end upgrades that many homeowners dream about. This is because tenants may be unwilling to put in the extra time and effort needed to maintain higher-quality materials. For instance, you might spend on a whirlpool tub or other upgrades that a renter may never use. High-end construction materials can also be easily damaged, creating costly repairs compared to more durable products. Opting for materials that withstand less-than-ideal conditions can help you avoid issues with items that leak or break down.
Creating a bathroom with an upgraded feel (without the upgraded price tag) can be reasonably easy. A quality paint job, new fixtures, and simple replacements for grout and caulking can make the bathroom feel fresh and modern. Additional touches like light fixtures, drawer pulls, and towel racks can help give the room a high-end appearance. If you need to replace a worn-out bathtub or shower, a one-piece tub and shower surround unit is an affordable, durable solution that provides a custom look without the custom price tag.
Determining which bathroom upgrades will create the rental property that appeals to your target tenants can be complex. Real Property Management One Source is here to assist. With our expertise and resources, we can recommend upgrades that increase your property values and attract prospective renters in Prosper. We’ll also ensure that the work is done promptly and with budget-conscious planning. For more information, contact us online or call us at 214-721-0727.
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