New rental property owners often put bathroom upgrades at the top of their list, spending much more money than they need to. They commonly believe that a high-end bathroom will lead to increased rental rates, but this is rarely the case. An expensive bathroom remodeling project usually fails to significantly enhance rental rates or property value. To maximize rent and value, it is more effective to opt for less costly and more durable options.
Budget-Friendly Bathroom Upgrades: Avoiding Costly Overhauls
Improving a rental property takes a lot of budget-conscious planning to get right. Otherwise, you’ll sink cash into upgrades that won’t get you the desired return. Unfortunately, the bathroom is one room where this is too often the case.
New property owners may think they must completely gut and re-do every bathroom in their rental house to get 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 $25,000, while an upscale remodel can cost $75,000 or more.
The problem is that a high-end bathroom doesn’t add as much to your property’s value or appeal as you’d think. Tenants are looking for rental homes that have a consistent level 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, you might end up turning prospective renters away instead of getting more rent. This is because renters often view inconsistent quality from room to room as a sign that the owner has limited cash, raising red flags for maintenance and repair issues.
Affordable Bathroom Upgrades Tenants Appreciate Without the High Maintenance
You might also be surprised that many renters don’t want the high-end upgrades that many homeowners dream about. This is because tenants are rarely willing to invest the extra time and effort it takes to maintain higher-quality materials. For example, you may spend thousands on a whirlpool tub or upgrades a renter may never use. Many high-end construction materials are also easily damaged, creating far more expensive repairs than other durable products. With so much that can leak or break down in a bathroom, it makes sense to opt for materials that look nice but will still hold up under less-than-ideal conditions.
Creating a bathroom with an upgraded feel (without the upgraded price tag) can be reasonably easy. The trick is to focus on the upgrades that will make the bathroom feel updated without needing a complete overhaul. 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 replacing the grout and caulking. Light fixtures, drawer pulls, and towel racks are minor upgrades that give a room a high-end feel.
Consider installing a new one-piece tub and shower surround unit for bathtubs and showers that are ugly or not fully functional. Durable and affordable, they are quick to install and easy to maintain. Higher-end units can give a bathroom an upgraded feel without needing a custom tile job.
Choosing the right bathroom upgrades to create the rental property that renters desire can be challenging. Real Property Management of the High Plains can help you identify upgrades that will boost your property values and appeal to prospective renters in Bushland. We ensure all upgrades are done in a timely and budget-conscious manner. For more information, contact us online or call us at 806-553-7914.
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