Aside from the kitchen, bathroom upgrades are the number one place where new rental property owners spend far more money than they need to. Why? Because they think that a high-end bathroom will automatically translate into increased rental rates. But that is rarely the case. More often, that expensive bathroom remodeling project does little to increase your rental rate or your property values. To maximize both rent and value, less expensive and more durable options should be your priority. Building your dream bathroom in a rental property is one mistake you can and should avoid.
Improving a Yorktown rental property is something that takes a lot of budget-conscious planning to get right. Otherwise, you’ll sink cash into upgrades that won’t get you the return you’re looking for. Unfortunately, the bathroom is one room in the house where this is too often the case. New property owners may think that they’ll need to completely gut and re-do every bathroom in their rental house in order to get that upgraded feel. But going that route 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 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. Depending on the market, this could mean different things. But if your property has luxury bathrooms but less-than-luxurious features in other rooms, instead of getting more rent you might 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 surprised to learn that many renters don’t want the high-end upgrades that many homeowners dream about. This is because tenants are rarely willing to invest the extra time and effort it takes to maintain higher quality materials. For example, you may spend thousands on a whirlpool tub or other upgrades that a renter may never use. Many high-end construction materials are also easily damaged, creating far more expensive repairs than other, more durable products. With so much that can leak or break down in a bathroom, it makes sense to opt for materials that look nice 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 a fairly easy process. The trick is to focus on the upgrades that will make the bathroom feel updated without needing to do 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 small upgrades that can give a high-end feel to a room. For bathtubs and showers that are ugly or not fully functional, consider installing 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.
Knowing which bathroom upgrades will help you create the rental property your target demographic is looking for can be a challenge. But Real Property Management Dominion can help. We have the experience and resources you need to determine which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Yorktown 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 757-395-4274.
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