Following the kitchen, bathroom upgrades are the number one area where new rental property owners spend a considerable amount of money than they should. Why? Since they are under the feeling that a high-end bathroom will be equivalent to increased rental rates. But that isn’t often the circumstance. Generally, that expensive bathroom remodeling project does little to help improve your rental rate or your property values. To maximize both rent and value, less expensive and more durable options should be your priority. Developing your dream bathroom in a rental property is one misstep you can and ought to veer away from.
Renovating a Severance rental property is one thing that includes a great deal of budget-conscious planning to achieve. Or else, you’ll find yourself spending for upgrades that won’t get you the return you’re aiming for. Unfortunately, the bathroom is one room in the house where this, for the most part, falls under. New property owners mistakenly expect that they would need to completely gut and re-do every bathroom in their rental house to accomplish that upgraded feel. But going that route will cost you. As indicated 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 real stress over this issue is that a high-end bathroom doesn’t contribute a great deal towards your property’s value or appeal as you’d think. Tenants are looking for rental homes that have a steady level of value and quality all over the place. Depending on the market, this could mean different things. But if your property has luxury bathrooms but less-than-luxurious features in other rooms, as opposed to getting more rent, you might end up turning prospective tenants away. This is because tenants often view inconsistent quality from room to room as a sign that the owner has limited cash, which raises red flags for maintenance and repair issues not far-removed.
You may even be stunned to hear that a lot of renters don’t want the high-end upgrades that many homeowners envision their homes to have. This is because tenants are seldom keen to devote the additional time and effort it takes to uphold higher quality materials. For example, you may spend thousands on a whirlpool tub or other upgrades that a renter may never use. Many high-end construction materials are also easily damaged, resulting in more expensive repairs than other, more robust products. With so much that can leak or break down in a bathroom, it bodes well to go for materials that look nice but will still hold up under not exactly perfect circumstances.
Creating a bathroom with an upgraded feel (but without the upgraded price tag) can be a genuinely simple procedure. The key is to concentrate on the upgrades that will make the bathroom feel updated regardless of no complete overhaul. For instance, a quality paint job and some new fixtures will go a long way toward creating a fresh and modern bathroom, as will merely replacing the grout and caulking. Light fixtures, drawer pulls, and towel racks are small upgrades that can give a high-end feel to a room. For bathtubs and showers that are ugly or not fully functional, think about introducing a new one-piece tub and shower surround unit. Durable and affordable, they are quick to install and easy to maintain. Higher-end units can give a bathroom an upgraded feel without the need for a custom tile job.
Being able to know which bathroom upgrades will help you create the rental property your target demographic is looking for can be a challenge. But Real Property Management of the Rockies can help. We have the experience and assets you need to figure out which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Severance 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 970-658-0410.
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