Following the kitchen, bathroom upgrades are the number one zone where new rental property owners spend a lot of cash on. Why? Because they presume that a high-end bathroom will be mean increased rental rates. In any case, that isn’t what usually happens. Instead, that expensive bathroom remodeling project does little to help improve your rental rate or your property values. To maximize both rent and value, less expensive and more durable options ought to be your priority. Building your dream bathroom in a rental property is one blunder you can and should avoid.
Remodeling a Stockbridge rental property is something that incorporates a lot of budget-conscious planning to accomplish. Otherwise, you’ll wind up spending for upgrades that won’t get you the return you’re aiming for. Sadly, the bathroom is one room in the house where this, generally, falls under. New property owners erroneously expect that they would need to completely gut and re-do every bathroom in their rental house in order to be able to achieve that upgraded feel. However, that manner will only cost you. As shown by 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 genuine worry over this is that a high-end bathroom doesn’t contribute a lot to your property’s value or appeal as you might suspect. Tenants are searching for rental homes that have a relentless degree of quality everywhere. Depending on the market, this could mean various things. But if your property has luxury bathrooms but less-than-luxurious features in other rooms, rather than acquiring more rent you could possibly end up 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 down the road.
You might also be astounded to hear that many renters don’t need the high-end upgrades that many homeowners dream about. This is because tenants are not often prepared to devote the extra time and effort it would require to preserve higher quality materials. For instance, 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 wrecked, resulting in far more significant repairs than other, more sturdy products. With so much that can leak or break down in a bathroom, it makes perfect sense to choose materials that look nice but will still hold up under less-than-ideal situations.
Creating a bathroom with an upgraded feel (yet without the upgraded price tag) can be easily attainable. The key is to concentrate on the upgrades that will make the bathroom feel updated without demanding 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 only changing 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 unpleasant or not entirely working, consider putting in 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.
Recognizing which bathroom upgrades will help you create the rental property your target demographic is looking for can be a challenge. But Real Property Management Anchor can help. We have the experience and resources you need to identify which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Stockbridge and can help guarantee that the task gets done in a timely and budget-conscious habit. For more information or to learn about our comprehensive property management services, contact us online or call us at 678-467-3039.
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