For new rental property owners, bathroom upgrades are often the first investment, leading them to spend far more money than they need to. Many think that a high-end bathroom will instantly raise rental rates, but this isn’t always true. Often, an expensive bathroom remodeling project doesn’t provide the rental rate or property value increase anticipated. Instead, focusing on less costly and more durable choices is a better way to maximize rent and value. Avoiding dream bathroom upgrades is a smart move for rental property owners.
Budget-Friendly Bathroom Upgrades: Avoiding Costly Overhauls
Improving a rental property requires budget-conscious planning to ensure returns. Unfortunately, the bathroom is often the room where new property owners overspend. Many believe they need to completely remodel each bathroom in their rental house to achieve an upgraded look, but this can be a costly mistake. 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.
A high-end bathroom, while appealing, doesn’t always add significant value or appeal to a property. Renters usually look for rental homes with consistent quality throughout. Depending on the market, if a property features luxury bathrooms but lacks quality in other areas, prospective renters may be put off instead of willing to pay more. Inconsistent quality across rooms can signal to renters that the property owner has limited resources, causing concerns about maintenance and repair issues.
Affordable Bathroom Upgrades Tenants Appreciate Without the High Maintenance
Interestingly, many renters don’t value high-end upgrades the same way homeowners do. Tenants prefer materials that are durable and easy to maintain, as they’re unlikely to put extra effort into upkeep. Investing in a whirlpool tub or other upgrades renters may not use is often a wasted expense. High-end construction materials also tend to be fragile, leading to costly repairs compared to more durable products. Using materials that can withstand less-than-ideal conditions in rental properties is a smart move to avoid items that may leak or break down.
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.
Deciding which bathroom upgrades will create the rental property your tenants desire can be challenging. Real Property Management Washington DC can help. We have the experience and resources to recommend upgrades that increase your property values and appeal to prospective renters in Hillcrest. We’ll also ensure the work is completed on time and within budget. For more information, contact us online or call us at 202-813-9993.
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