Following the kitchen, bathroom upgrades are the number one place where new rental property owners pay considerably more money than they have to. Why? Because they deem that a high-end bathroom will automatically turn into increased rental rates. But that is seldom the situation. More frequently, that expensive bathroom remodeling project does little to raise your rental rate or your property values. To maximize both rent and value, less expensive and more durable options should be your priority. Making your dream bathroom in a rental property is one blunder you can and should dodge.
Developing a Fort Lauderdale rental property is something that necessitates a lot of budget-conscious planning to achieve. Or else, you’ll waste cash for upgrades that won’t give you the return you’re hoping for. Unfortunately, the bathroom is one room in the house where this is almost always the predicament. New property owners may presume that they’ll need to completely gut and re-do every bathroom in their rental house in order to get that upgraded touch. But heading 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 difficulty 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 searching for rental homes that have a steady level of quality throughout. Depending on the market, this could indicate 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 also be surprised to know that a lot of renters don’t want the high-end upgrades that many homeowners often think about. This is because tenants are not always willing to put in the extra time and effort it needs to sustain higher quality materials. For example, you may spend thousands on a whirlpool tub or other upgrades that are of no use to a renter. Many high-end construction materials are likewise fragile and would often break easily, creating far more expensive repairs than other, more hard-wearing products. With so much that can leak or collapse in a bathroom, it makes sense to opt for materials that look nice but will hold up under not so great circumstances.
Creating a bathroom with an upgraded feel (even without the upgraded price tag) can be a relatively easy process. The secret is to direct your efforts on the upgrades that will make the bathroom feel updated without ever contemplating doing a complete overhaul. For instance, a quality paint job and some new fixtures will go a long way to creating a fresh and modern bathroom, as will simply changing the grout and caulking. Light fixtures, drawer pulls, and towel racks are small upgrades that can give a high-quality aura to a room. For bathtubs and showers that are dreadful or not fully functional, consider putting in a new one-piece tub and shower surround unit. Durable and affordable, they are easy to install and easy to maintain. Higher-end units can give a bathroom an upgraded feel without the need for a custom tile job.
Recognizing which bathroom upgrades will help you build the rental property your target demographic is looking for can be a challenge. But Real Property Management Asset Solutions can help. We have the expertise and sources you need to determine which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Fort Lauderdale 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 954-889-5627.
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.