Other than the kitchen, bathroom upgrades are the number one area where new rental property owners dedicate far more money than they ought to. Why? Because they believe that a high-end bathroom will automatically equal to increased rental rates. But that is not often what happens. Instead, an expensive bathroom remodeling project does little to boost your rental rate or your property values. To maximize both rent and value, less expensive and more durable options must be your priority. Constructing your dream bathroom in a rental property is one error you can and should avoid.
Making sure that your Hampden rental property is in good quality is one thing that takes a lot of budget-conscious planning to perfect. If not, you’ll find yourself spending cash for upgrades that won’t get you the return you’re searching for. Unfortunately, the bathroom is one area in the house where this is too often the case. New property owners may assume that they’ll need to completely gut and re-do every bathroom in their rental house to get that upgraded feel. However, following that perception will cost you. According to 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 main issue is that a high-end bathroom doesn’t contribute as much to your property’s value or appeal as you’d hope. Tenants consider rental homes that have a consistent standard of quality throughout. Dependent on the market, this could mean a myriad of things. But if your property has luxury bathrooms but less-than-luxurious features in other rooms, instead of getting more rent, you could possibly result in turning prospective tenants away. This is because tenants often view inconsistent quality from room to room as a sign that the owner has limited cash, which raises red flags for maintenance and repair issues along the way.
You might also be astonished to learn that many renters don’t desire the high-end upgrades that many homeowners dream about. This is because tenants are hardly ever willing to invest the extra time and effort it takes to sustain higher quality materials. For example, you may spend thousands on a whirlpool tub or other upgrades that a renter may never utilize. Many high-end construction materials are also easily damaged, resulting in far more expensive repairs than other, more sturdy products. With so much that can leak or break down in a bathroom, it makes sense to opt for materials that look great but will still hold up under less-than-ideal conditions.
Creating a bathroom with an upgraded feel (but without the upgraded price tag) can be reasonably achieved. The secret is to concentrate on the upgrades that will make the bathroom feel updated without requiring to do a complete overhaul. For instance, a quality paint job and some new fixtures will go a long way toward creating a fresh and modern bathroom, as will completely replacing the grout and caulking. Light fixtures, drawer pulls, and towel racks are small upgrades that can give a high-end feel to a room. For bathtubs and showers that are messy or not completely working, think about placing 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
Being able to recognize which bathroom upgrades will help you achieve the rental property your target demographic is looking for can be quite a challenge. But Real Property Management Acadia can help. We have the years of experience plus resources you need to identify which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Hampden and can help ensure that the work gets done in a sensible and budget-conscious manner. For more information or to learn about our comprehensive property management services, contact us online or call us at 207-561-7482.
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