Besides the kitchen, bathroom upgrades are the number one area where new rental property owners waste much more capital than they just have to. Why? Because they reckon that a high-end bathroom will magically convert into increased rental rates. But that isn’t the likely circumstance. More repeatedly, that expensive bathroom remodeling project might only slightly improve your rental rate or your property values. To maximize both rent and value, less expensive and more durable options should be your prime option. Constructing your dream bathroom in a rental property is one slip up you can and should avoid.
Updating a Prosper rental property is something that requires numerous budget-conscious planning steps to realize. You’ll want to avoid funnelling cash into upgrades that won’t give you the return you’re seeking for. Regretfully, the bathroom is one room in the house where this is too frequently the circumstance. New property owners may gather that they’ll have to completely gut and re-do every bathroom in their rental house to get that improved feel. But going in that direction will cost you money. As maintained by the Remodeling Magazine’s “Cost vs Value” report, an average full remodel of a bathroom costs around $20,500, while an upscale remodel can cost $60,000 or more.
The trouble is that a high-end bathroom doesn’t contribute as much to your property’s value or appeal as you’d suspect. Tenants are hunting for rental homes that have a dependable level of features all throughout. Contingent on the market, this could indicate distinctive things. Nevertheless, if your property has luxury bathrooms but less-than-luxurious features in other rooms, rather than accepting more rent you may appear pushing prospective tenants away. This is for the reason that tenants regularly look at inconsistent quality from room to room as a forewarning that the landlord has limited cash, which elicits red flags for maintenance and repair issues later.
You might also be shocked to determine that plenty of renters don’t like the high-end upgrades that countless homeowners picture in their minds. This is for the reason that tenants are hardly eager to expend more time and energy required to maintain and clean expensive features. For instance, you might spend thousands on a whirlpool tub or other upgrades that a renter may not utilize. Countless high-end construction materials also tend to become easily flawed, contributing to far more extortionate repairs than other, more tougher commodities. With so much that can break or disintegrate in a bathroom, it fits to pick for materials that seem pleasant but will still survive during a less-than-suboptimal scenario.
Creating a bathroom with an upgraded feel (but without the upgraded price tag) can be a somewhat painless operation. The technique is to concentrate on the upgrades that will get the bathroom to feel updated without having to implement a complete overhaul. For example, a new paint job and some new fixtures will go a long way to freshening up a bathroom, as will naturally repairing the grout and caulking. Light fixtures, drawer pulls, and towel racks are small upgrades that can convey a pricey impression in a bathroom. For bathtubs and showers that are ugly or not working properly, consider installing the latest one-piece tub and shower surround unit. Durable and affordable, they are effortless to install and easy to maintain. Higher-end units can give a bathroom an upgraded impression without the need for a custom tile job.
Understanding which bathroom upgrades will help you assemble the rental property your target demographic is scouring for can be an undertaking. But Real Property Management One Source can help. We have the familiarity and possessions you need to choose which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Prosper and can help ensure that the work gets done in a timely and budget-conscious manner. For more information or to learn about our comprehensive property management services, contact us online or call us at 214-721-0727.
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