The truth is that other than the kitchen, bathroom upgrades are the number one place where new rental property owners waste far more money than they must. Why? This is because they assume that a high-end bathroom will eventually lead to increased rental rates. However, that is not what usually happens. What often happens is that an expensive bathroom remodeling project adds little to boost your rental rate or your property values. To maximize both rent and value, less expensive and more durable options should be what you consider instead. Building your dream bathroom in a rental property is one mistake you can and should avoid.
Developing a Lakeview rental property is something that takes a lot of budget-conscious planning to get right. If not, you’ll be spending cash for upgrades that won’t help you achieve the return you’re looking for. Sadly, the bathroom is one place in the house where this happens too frequently. New property owners may assume that they’ll need to completely gut and re-do every bathroom in their rental house in order to get that upgraded feel. But heading in that direction 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 contribute as much to your property’s value or appeal as you’d imagine. Tenants are looking for rental homes that have an unvarying level of quality all over. Depending on the market, this could translate to a lot of different things. If your property has luxury bathrooms but less-than-luxurious features in other rooms, rather than getting more rent, you might end up turning prospective tenants away. This is because tenants usually view inconsistent quality from each room as a sign that the owner has limited cash, which issues red flags for maintenance and repair issues along the way.
You may likewise find it unbelievable, but it is true that 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 (though without the upgraded price tag) can be a reasonably simple process. The secret is to concentrate on the upgrades that will make the bathroom feel updated even without needing to do 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 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 dirty or not entirely efficient, consider placing 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.
Being able to identify which bathroom upgrades will help you build the rental property your target demographic is looking for can be a real test. But Real Property Management Chicago Edge can help. We have the knowledge and resources you need to regulate which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Lakeview and can help ensure that the work gets completed 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 773-904-7700.
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