New rental property owners frequently focus on bathroom upgrades, often spending far more money than necessary. They believe that a high-end bathroom will lead to increased rental rates, but this isn’t always true. More often than not, an expensive bathroom remodeling project fails to improve your rental rate or property value significantly. To maximize rent and value, focus on less costly and more durable options for your rental property instead.
Budget-Friendly Bathroom Upgrades: Avoiding Costly Overhauls
Improving a rental property successfully requires budget-conscious planning. If you’re not careful, you might end up investing in upgrades that won’t provide a good return on investment. Bathrooms are especially prone to overspending by new property owners who feel they need to overhaul every bathroom in their rental house. 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.
However, a high-end bathroom doesn’t always enhance a property’s value or appeal. Tenants often prefer rental homes with a consistent level of quality in all rooms. If the property market demands balance, luxury bathrooms combined with less luxurious features elsewhere in the house can actually turn renters away. Inconsistent quality across rooms can make renters worry about future maintenance and repair issues.
Affordable Bathroom Upgrades Tenants Appreciate Without the High Maintenance
Surprisingly, many renters don’t desire the high-end upgrades that homeowners dream of. Tenants are often more interested in durability and low maintenance than luxury. A whirlpool tub or other upgrades a renter may never use can end up as wasted investment. Expensive construction materials are also prone to damage, creating costly repairs over time. Choosing durable products for your bathroom, on the other hand, can withstand the wear and tear of regular tenant use and prevent issues with leaks or breakdowns.
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.
Knowing which bathroom upgrades will help create the rental property your target demographic desires can be challenging. Real Property Management Concierge can help you identify upgrades that increase property values and attract prospective renters in Cliffside Park. We’ll also ensure that projects are completed on time and within your budget. For more information, contact us online or call us at 201-514-1603.
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