For new rental property owners, bathroom upgrades are often seen as a quick path to added value, causing them to spend far more money than they need to. Many believe a high-end bathroom will automatically bring increased rental rates, but this is rarely the case. Often, an expensive bathroom remodeling project fails to yield higher rental rates or property value. Instead, to maximize rent and value, focus on less costly and more durable choices. Building a dream bathroom in a rental property is a mistake best avoided.
Budget-Friendly Bathroom Upgrades: Avoiding Costly Overhauls
Improving a rental property requires budget-conscious planning to ensure a good return on investment. Yet, the bathroom is often where new property owners overspend without getting the results they want. Some think they need to gut and redo every bathroom in their rental house to achieve an upgraded look, but this approach can be financially draining. 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.
However, a high-end bathroom doesn’t always enhance your property’s value or appeal as much as you may expect. Tenants are typically looking for rental homes that offer a consistent level of quality throughout. Depending on the market, if your property features luxury bathrooms but lacks quality in other areas, you may actually turn prospective renters away rather than command more rent. Renters often view inconsistent quality from room to room as a sign that the owner may not have funds for ongoing maintenance, raising red flags about possible repair issues.
Affordable Bathroom Upgrades Tenants Appreciate Without the High Maintenance
Interestingly, many renters don’t desire the high-end upgrades that homeowners envision. This is often because tenants don’t want to invest extra time and effort in maintaining higher-quality materials. For instance, you could spend on a whirlpool tub or other upgrades a renter may never use. Moreover, high-end construction materials can be susceptible to damage, resulting in costly repairs when compared to more durable products. Opting for materials that are durable and can withstand less-than-ideal conditions in a rental property helps to avoid costly items that could leak or break down.
Creating a bathroom with an upgraded feel without the expense of a full remodel is achievable. Simple updates, such as a quality paint job, new fixtures, and refreshing grout and caulking, can give the bathroom a fresh, modern appeal. Additional touches, like updated light fixtures, drawer pulls, and towel racks, provide a high-end look without the associated costs. If the bathtub or shower is dated or non-functional, a new one-piece tub and shower surround unit can be a durable and affordable option. Quick to install and easy to maintain, these units offer an upgraded feel without the price of a custom tile job.
Choosing the right bathroom upgrades that create the rental property your target tenants desire can be challenging. But Real Property Management Legend is here to help. With our experience and resources, we’ll guide you toward upgrades that can increase your property values and appeal to prospective renters in Frisco. We’ll also ensure that the work is done efficiently and with budget-conscious planning. For more information, contact us online or call us at 214-227-2404.
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