It is not only the kitchen, but bathroom upgrades are also the number one place where new rental property owners waste far more money than they need to. Why? Because they think that a high-end bathroom will lead to increased rental rates. However, they find later that it is not always the situation. More frequently, that expensive bathroom remodeling project does little to increase your rental rate or your property values. To maximize both rent and value, less expensive and more durable options ought to be your priority. Carrying out your dream bathroom in a rental property is one slip-up you can and should avoid.
Developing a Malvern rental property is one thing that necessitates a whole lot of budget-conscious planning to get right. Or else, you’ll only waste cash into upgrades that won’t get you the return you’re aiming for. Unfortunately, the bathroom is one room in the house where this is frequently the situation. New property owners may believe that they would have to completely gut and re-do every bathroom in their rental house to achieve that upgraded feel. But going via that course 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 issue is that a high-end bathroom doesn’t add as much to your property’s value or appeal as you’d think. Tenants are searching for rental homes that spells consistency when it comes to the kind of quality throughout. Depending on the market, this could mean various things. But if your property has luxury bathrooms but less-than-luxurious features in other rooms, instead of getting more rent you might wind up discouraging prospective tenants. This is because tenants often view inconsistent quality from room to room as an indication that the owner has limited cash, which raises red flags for maintenance and repair issues down the road.
You may also find it surprising that many renters don’t want the high-end upgrades that many homeowners dream about. This is because tenants are never keen on investing the time and effort that is needed to sustain higher quality materials. For instance, 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, creating far more expensive repairs than other, more hard-wearing products. With so much that can leak or break down in a bathroom, it would be reasonable to opt for materials that look nice but will remain sturdy under less-than-favorable conditions.
Creating a bathroom with an upgraded feel (except without the upgraded price tag) can be a fairly easy procedure. The key is to emphasize on the upgrades that will make the bathroom feel updated without needing to do a complete overhaul. For example, a quality paint job and some new fixtures will go a long way towards getting 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 not presentable or not working efficiently, 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 feel without the need for a custom tile job.
Being able to tell which bathroom upgrades will help you create the rental property your target demographic is looking for can be a challenge. But Real Property Management Hometown can help. We have the experience and resources you need to determine which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Malvern 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 501-701-4702 or 501-303-6870.
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