Just like the kitchen, bathroom upgrades are the number one area where new rental property owners devote far more money than they need to. Why? Since they believe that a high-end bathroom will inevitably result in increased rental rates. But then again, that is hardly ever the case. More often, that expensive bathroom remodeling project does little to improve your rental rate or your property values. To maximize both rent and value, less expensive and more durable options should be your priority. Creating your dream bathroom in a rental property is one error you can and had better avoid.
Developing a Hillcrest rental property is one thing that entails a lot of budget-conscious planning to get right. If not, you’ll find yourself spending cash for upgrades that won’t let you get the return you’re aiming for. Regrettably, the bathroom is the one room in the house where this is what usually happens. New property owners may believe that they’ll need to completely gut and re-do every bathroom in their rental house to achieve that upgraded feel. Nevertheless, going in that direction will be too costly. With reference to the 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 here is that a high-end bathroom doesn’t enhance as much your property’s value or appeal as you’d hope. Tenants are searching for rental homes that have a uniform standard of quality all over. Depending on the market, this could translate to a lot of things. But if your property has luxury bathrooms but less-than-luxurious features in other rooms, as opposed to getting more rent it might result in driving your prospective tenants away. This is because tenants frequently view inconsistent quality from room to room as an indicator that the owner has limited cash, which raises red flags for maintenance and repair issues along the way.
You might also be astonished to know that several renters don’t actually want the high-end upgrades that a lot of homeowners dream about. This is because tenants are not often enthusiastic about having to invest the additional time and effort it would need 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 readily destroyed, generating far more costly repairs than other, more tough products. With so much that can dent or break down in a bathroom, it is sensible to pick materials that look nice but will still hold up under less-than-ideal conditions.
Creating a bathroom with an upgraded feel (except without the upgraded price tag) can be a relatively simple process. The key is to direct your efforts on the upgrades that will make the bathroom feel updated even without needing to do a complete overhaul. For example, a top-notch paint job and some new fixtures will go far to creating a fresh and modern bathroom, as will merely changing the grout and caulking. Light fixtures, drawer pulls, and towel racks are small upgrades that can give a high-end aura to a room. For bathtubs and showers that are ugly or not fully functional, consider mounting 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.
Distinguishing which bathroom upgrades will help you create the rental property your target demographic is looking for can be a challenge. But Real Property Management Washington DC can help. We have the ability and means you need to determine which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Hillcrest 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 202-813-9993.
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