Many new rental property owners make bathroom upgrades their top priority, leading them to spend far more money than necessary. They assume that a high-end bathroom will instantly lead to increased rental rates, but this is seldom the case. An expensive bathroom remodeling project often fails to yield the expected returns in terms of rental rates or property value. To maximize rent and value, less costly and more durable options are a better choice in a rental property.
Budget-Friendly Bathroom Upgrades: Avoiding Costly Overhauls
Improving a rental property successfully requires careful, budget-conscious planning. Otherwise, you might end up investing in upgrades that don’t provide the expected return. Bathrooms are a common area where new property owners overspend, mistakenly thinking they need to renovate every bathroom in their rental house. 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.
High-end bathroom upgrades don’t necessarily enhance your property’s value or appeal as much as expected. Renters often look for rental homes with a consistent level of quality throughout. Depending on the market, a property with luxury bathrooms but less luxurious features in other rooms can deter potential renters. Inconsistent quality throughout the home may signal potential maintenance issues, raising concerns for prospective renters.
Affordable Bathroom Upgrades Tenants Appreciate Without the High Maintenance
Most renters don’t need or want high-end upgrades. They prefer durable, low-maintenance materials that are easy to care for. Spending on a whirlpool tub or other high-end upgrades that a renter may never use can be an inefficient use of resources. High-end construction materials also tend to be fragile and can lead to expensive repairs compared to more durable products. Durable products that hold up under less-than-ideal conditions are a smart choice, helping avoid problems with items that may leak or break down.
Creating a bathroom with an upgraded feel (without the upgraded price tag) can be reasonably easy. The trick is to focus on the upgrades that will make the bathroom feel updated without needing 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 minor upgrades that give a room a high-end feel.
Consider installing a new one-piece tub and shower surround unit for bathtubs and showers that are ugly or not fully functional. Durable and affordable, they are quick to install and easy to maintain. Higher-end units can give a bathroom an upgraded feel without needing a custom tile job.
Determining which bathroom upgrades will create a rental property that appeals to your target market can be challenging. Real Property Management Honolulu can help you choose upgrades that will increase your property values and appeal to prospective renters in Schofield Barracks. We’ll also ensure the work is completed in a timely and budget-conscious manner. For more information, contact us online or call us at 808-445-9500.
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