Other than the kitchen, bathroom upgrades are the number one spot where new rental property owners spend moderately more money than they should. Why? Because they are under the impression that a high-end bathroom will definitely equal to increased rental rates. But that isn’t frequently the situation. For the most part, that expensive bathroom remodeling project does little to boost your rental rate or your property values. To maximize both rent and value, less expensive and more durable options must be your number 1 priority. Constructing your dream bathroom in a rental property is one mistake you can and should avoid.
Redesigning an Elkhorn rental property is one thing that involves a lot of budget-conscious planning to accomplish. Or there will be consequences; you’ll be burning through upgrades that won’t get you the return you’re searching for. Unfortunately, the bathroom is one room in the house where this generally falls under. New property owners erroneously expect that they’ll have to completely gut and re-do every bathroom in their rental house with the intention of achieving that upgraded feel. But going that route will cost you. According to 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 major worry about this matter is that a high-end bathroom doesn’t contribute a lot to your property’s value or appeal as you’d first believed. Tenants are searching for rental homes that have a consistent degree of quality everywhere. Dependent upon the market, this could mean different things. But if your property has luxury bathrooms but less-than-luxurious features in other rooms, rather than getting more rent you may wind up with prospective tenants running away instead. 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 off.
You may likewise be shocked to hear that a great deal of renters doesn’t desire the high-end upgrades that many homeowners imagine their homes to have. This is because tenants are never that passionate enough to invest the additional time and effort it takes to sustain higher quality materials. For example, you may spend thousands on a whirlpool tub or other upgrades that a renter may never utilize. A lot of high-end construction materials are also easily damaged, creating undeniably more costly repairs than other, more durable products. With so much that can leak or break down in a bathroom, it makes sense to go for materials that look pleasant but will still hold up under less-than-ideal conditions.
Creating a bathroom with an upgraded feel (even without the upgraded price tag) can be a fairly easy process. The key is to focus on the upgrades that will make the bathroom feel updated despite no complete overhaul was made. 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 changing 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, consider installing 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 touch without the need for a custom tile job.
Understanding which bathroom upgrades will enable you to create the rental property your target demographic is looking for can be a challenge. But Real Property Management Legacy can help. We have the learnings and resources you need to determine which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Elkhorn 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 402-905-0459.
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