New rental property owners often prioritize bathroom upgrades, leading to spending that is frequently more than necessary. They tend to believe that investing in a high-end bathroom will directly correlate to increased rental rates; however, this assumption is generally unfounded. An expensive bathroom remodeling project usually fails to enhance your rental rate or property value significantly. To maximize rent and value, you should prioritize less costly and more durable options for your rental property.
Budget-Friendly Bathroom Upgrades: Avoiding Costly Overhauls
Improving a rental property requires thorough, budget-conscious planning to avoid unnecessary expenses. Unfortunately, bathrooms are one area where new property owners commonly overspend. Many believe they need to fully remodel every bathroom in their rental house, leading to considerable costs. 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.
Despite the allure of a high-end bathroom, it does not always contribute as much value or appeal to your property as anticipated. Tenants typically prefer rental homes that exhibit a consistent level of quality throughout the space. If your property boasts luxury bathrooms while other rooms remain less luxurious, you risk alienating prospective renters. Inconsistent quality between rooms may raise concerns about maintenance and repair issues, prompting renters to think twice.
Affordable Bathroom Upgrades Tenants Appreciate Without the High Maintenance
Surprisingly, many renters are not interested in high-end upgrades, as they often require additional maintenance. Many tenants find themselves reluctant to invest extra time and effort in maintaining high-quality materials. For instance, you may choose to install a whirlpool tub or other upgrades that renters may never utilize. High-end construction materials can also sustain damage, leading to expensive repairs. By focusing on durable products, you can minimize the risks of leaks or breakdowns, ensuring your rental property remains functional.
Creating a bathroom with an upgraded feel doesn’t require a total renovation. Simple, cost-effective improvements like a fresh coat of paint, new fixtures, and redoing grout and caulking can make a substantial difference. Additionally, minor upgrades, such as new light fixtures, drawer pulls, and towel racks, can enhance the bathroom’s appeal without requiring a large investment. If your tub or shower is outdated or not fully functional, consider installing a new one-piece tub and shower surround unit, which provides an upgraded feel without the expense of custom tile work.
Determining the best bathroom upgrades to create a rental property that appeals to your target demographic can be challenging. Real Property Management Midlands can assist you in selecting upgrades that will enhance your property values and attract prospective renters in Blythewood. We ensure that the work is completed in a timely and budget-conscious manner. For more information, contact us online or call us at 803-403-8838.
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