Apart from 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 inevitably equal to increased rental rates. But that is not often what happens. Instead, luxurious bathroom remodeling projects do 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.
Altering a Hyrum rental property is something that includes 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 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 struggle that comes with a high-end bathroom is that it doesn’t offer as much to your property’s value or appeal as you’d imagine. Tenants are looking for rental homes that have a steady level of quality throughout. Depending on the market, this could mean several things. But if your property has luxury bathrooms but less-than-luxurious features in other rooms, rather than getting more rent you could end up turning prospective tenants away. This is because tenants often see inconsistent quality from room to room as a sign that the owner has limited cash, which suggests red flags for maintenance and repair issues down the road.
You may equally find it far-fetched, but indeed, a lot of these renters don’t want the high-end upgrades that many homeowners want to achieve in their rental homes. This is because tenants are never always willing to dedicate the extra time and energy it takes to preserve higher quality materials. For example, you may spend thousands on a whirlpool tub or other upgrades that a renter may never use. A lot of high-end construction materials are also easily broken, resulting in far more expensive repairs than the remaining, more durable products. With all these and more and the possibility that an outflow or collapse in a bathroom will happen, it is then logical to opt for materials that look nice but will still hold up under less-than-ideal circumstances.
Creating a bathroom with an upgraded feel (however without the upgraded price tag) can be a genuinely simple procedure. Try to concentrate on the upgrades that will make the bathroom feel updated without expecting to do a complete overhaul. For example, a quality paint job and some new fixtures will go a long way toward making a fresh and modern bathroom, as will renovating 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, think about introducing 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 requirement 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 Cache Valley 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 Hyrum 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 435-753-5200.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
