Other than the kitchen, bathroom upgrades are the number one place where new rental property owners spend an unreasonable amount of money than they should. Why? Because they believe that a high-end bathroom will naturally convert into increased rental rates. But that is not what usually happens. Even more frequently, that expensive bathroom remodeling project does little to expand 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 error you can and ought to stay away from.
Developing a Lexington rental property is something that takes a ton of budget-conscious planning to get right. Otherwise, you’ll sink cash into upgrades that won’t get you the return you’re striving for. Unfortunately, the bathroom is one room in the house where this is the case most of the time. New property owners may believe that they’ll have to completely gut and re-do every bathroom in their rental house so as to get that upgraded feel. The reality is, 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 issue is that a high-end bathroom doesn’t add as much to your property’s value or appeal as you’d want. Tenants are searching for rental homes that have an unswerving degree of quality throughout. Contingent upon the market, this could mean various things. Be that as it may if your property has luxury bathrooms but less-than-luxurious features in other rooms, rather than getting more rent, you may wind up forcing prospective tenants away. This is on the grounds that tenants frequently see inconsistent quality from room to room as a sign that the owner has limited cash, which raises red flags for maintenance and repair issues not far off.
You may likewise be astounded to discover that numerous renters don’t want the high-end upgrades that many homeowners long for. This is because tenants are usually not willing to contribute the additional time needed and energy that it would take to keep up with 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, causing you to spend more on costly repairs than other, more sturdy materials. With so much that can leak or break down in a bathroom, it bodes well to select materials that look nice but will, in any case, hold up under imperfect conditions.
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 repairing 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 we 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 Lexington 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 617-299-2342.
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