After the kitchen, bathroom upgrades are the number one venue where new rental property owners overspend far more cash than they should be. Why? Because they presume that a high-end bathroom will naturally develop into increased rental rates. But that is hardly the case. Usually, that expensive bathroom remodeling project affects little to increment your rental rate or your property values. To maximize both rent and value, less expensive and more durable options have to be your main concern. Making your dream bathroom in a rental property is one fallacy you can and should disregard.
Enlivening a Christiansburg rental property is something that involves plenty of budget-conscious planning to accomplish. Furthermore, you’ll funnel cash into upgrades that won’t enable you to get the return you’re seeking for. Lamentably, the bathroom is one room in the rental house where this is constantly the instance. New property homeowners may think that they’ll want to completely gut and re-do every bathroom in their rental house to get that elevated feel. But going by that approach will cost you. Based on 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 problem is that a high-end bathroom doesn’t add as much to your property’s value or appeal as you’d presume. Tenants are chasing for rental homes that have a consistent level of aspect all throughout the home. Dependent upon the market, this could spell out assorted things. But if your property has luxury bathrooms but less-than-luxurious features in other rooms, instead of acquiring more rent you might happen to steer prospective tenants away. This is because tenants often view inconsistent quality from room to room as a sign that the proprietor has limited cash, which raises red flags for maintenance and repair issues down the road.
You might also be startled to know that several renters don’t want the high-end upgrades that many homeowners conceive. This is because tenants are remarkably willing to contribute their extra time and energy it takes to maintain expensive materials. For instance, you may spend thousands on a whirlpool tub or other upgrades that a renter may never utilize. Several high-end construction materials are also easily flawed, creating far more pricy repairs than other, more safer products. With so much that can leak or break down in a bathroom, it makes logic to pick materials that look good but will still last going through a less-than-perfect environment.
Creating a bathroom with an upgraded feel (but without the upgraded price tag) can be a pretty attainable approach. The strategy is to aim for the upgrades that will make the bathroom feel updated without requiring you to perform a complete overhaul. For instance, a desirable paint job and some new fixtures will go a long way toward forming a fresh and modern bathroom, as will merely replacing the grout and caulking. Light fixtures, drawer pulls, and towel racks are small upgrades that can provide a high-end look to a room. For bathtubs and showers that are dreadful or not entirely functional, consider mounting 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 finish without the need for a custom tile job.
Determining which bathroom upgrades will help you construct the rental property your target demographic is looking for can be a task. But Real Property Management Insight can help. We have the know-how and assets you need to determine which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Christiansburg and can help safeguard that the work gets done in an opportune and budget-conscious method. For more information or to learn about our comprehensive property management services, contact us online or call us at 540-998-6917.
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