Besides the kitchen, bathroom upgrades are the number one place where new rental property owners dedicate significantly more money than they should. Why? Because they trust that a high-end bathroom will instinctively convert into increased rental rates. However, that is seldom the situation. More commonly, that expensive bathroom remodeling project produces little to boost your rental rate or your property values. Your emphasis must involve less costly and more durable options to maximize rent and home value. Launching a project for your dream bathroom in a rental property is one error you can and should evade.
Improving a Gallatin Valley rental property is something that requires a substantial volume of budget-conscious planning to get right. Moreover, you may end up putting money into upgrades that won’t give you the return you’re expecting. Unfortunately, the bathroom is one area of the house where this is too often the case. Current property proprietors may reckon that they’ll have to completely gut and re-do every bathroom in their rental house to acquire that promoted feel. But going that route will cost you. As attested by 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 concern is that a high-end bathroom doesn’t strengthen as much your property’s value or appeal as you’d hope. Tenants are searching for rental homes with a consistent standard level all around. Looking at the market, this could represent various things. But if your property has luxury bathrooms and less-than-luxurious features in other places, you might not appeal to prospective tenants. Tenants usually view inconsistent quality from room to room as a suggestion that the proprietor has limited cash, which causes red flags for maintenance and repair issues after a while.
You might also be shocked to learn that numerous renters don’t like the high-end upgrades many homeowners envision because tenants are hardly eager to expend more time and energy to maintain expensive materials. For instance, you might spend thousands on a whirlpool tub or other upgrades that a renter may not utilize. Innumerable high-end construction materials are also more likely to break easily, resulting in far more expensive repairs than other, more solid merchandise. With so much that can break or crack in a bathroom, it fits to pick materials that seem pleasant but will still survive during a less-than-suboptimal scenario.
Creating a bathroom with an upgraded feel (but without the elevated price tag) can be a relatively easy process. The strategy is to pay attention to the upgrades that will give the bathroom an updated feel without executing a complete overhaul. A fresh paint job and some new fixtures will go a long way towards building a fresh and modern bathroom, as well updating the grout and caulking. Light fixtures, drawer pulls, and towel racks are small upgrades that give an exclusive ambiance to a room. For bathtubs and showers that are dirty or not fully effective, try putting 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 obligation for a custom tile job.
Determining which bathroom upgrades will help you generate the rental property your target demographic is looking for can be a task. But Real Property Management Bozeman can help. We have the capacity and the resources you need to choose which bathroom upgrades will both increase your property values and appeal best to prospective tenants in Gallatin Valley. Additionally, we can help ensure that the work is accomplished in a timely and economical manner. For more information or to learn about our comprehensive property management services, contact us online or call us at 406-586-2226.
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