Budget Bathroom Remodeling for Rental Properties
Both buyers and renters these days are looking for modern and up-to-date homes to live in. Keeping up with remodels and repairs in the kitchen, bathroom, and living areas is vital. One area, in particular, that needs extra attention when it comes to renovations is the bathroom.
One of the first things someone will notice while touring a rental property is the condition of the bathroom. If this room is outdated, it could be a major turnoff for some tenants.
This poses just one issue for most rental homeowners- full bathroom remodels are quite expensive. Luckily, there are some renovations that you can make even with the tightest of budgets.
If you are someone who’s looking to revamp your bathroom, do some research first. Look into what styles are popular in 2021, such as design and pattern trends. Also, find out exactly what materials and supplies you will need to get the job done efficiently. While you may be on a budget, you will still want to provide your tenants with high-quality appliances and amenities.
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Does a Remodeled Bathroom Add Value to Your Home?
According to recent research, kitchen and bathroom remodels are among the most common home improvements. This is mostly because renovations to these areas can increase the overall value of your property. On the other hand, most tenants are looking for a nice, modern, up-to-date place to reside in.
Now you may be wondering- Will a remodeled bathroom increase the value of your home? To answer the question, in short, it varies.
Depending on what renovations you include, an updated bathroom can significantly increase your home’s overall value. Typically, homeowners can expect to recoup around 50-60% of the project’s total cost. Truthfully, a lot of busy landlords are not looking to spend all their time and money on one property’s bathroom remodel. After all, if you don’t do it yourself, you’ve got additional labor costs as well.
Budget-Friendly Bathroom Renovations
First, before you go to make any renovations to your bathroom, you should access the area. What needs to be done, replaced, or finished? Consider taking a DIY approach in order to save yourself some money. To start, take a look at the condition of these specific bathroom necessities:
- Bath or shower area
- The toilet
- Wall paint
- Vanity and sink area
- Storage areas
The first step to remodeling your bathroom is deciding what needs to be replaced, repaired, or cleaned. For example, if your shower or sink is outdated, people are going to notice this immediately. If you aren’t looking to replace the whole shower area, consider adding a modern-designed showerhead to make it look a bit more updated. Along with that, adding a sleek, modern faucet and sink bowl will catch the eyes of tenants.
Here are a few other budget-friendly renovations to implement in your rental property bathroom:
- Fresh paint– A fresh coat of paint can do wonders to an outdated space. If your bathroom has old paint, it may be noticed by prospective tenants right away.
- Install extra storage– One thing that most bathrooms lack these days is storage areas. Implementing small cabinets or a large vanity with enough storage space is another great way to attract tenants.
- New fixtures– Outdated appliances and fixtures alike are most likely going to stand out, but not in a good way. Adding things like a new shower head, vanity, faucet, sink, or mirror can drastically improve the space.
You don’t have to spend your entire budget on just bathroom remodels, but you should focus on this area to get the best ROI. After all, remodeling any room can get expensive very quickly.
What’s the Most Expensive Part of a Bathroom Remodel?
If you want to kick it up a notch and do a little more than the minimum, you can make some other renovations. While not at all necessary, the most expensive bathroom remodels come with new showers, new toilets, and new flooring. On average, a more expensive bathroom remodel will cost around $10,000-$20,000. Of course, this is not always necessary. Instead, if you want to keep things simple and make a few improvements and smaller swaps, you can get away with spending around $800-$2,500.
In fact, the most expensive bathroom renovations are due to plumbing. If you are adding a new shower, toilet, or flooring, you are likely going to be dealing with your bathroom’s plumbing system. This is not very common, and you most likely will not have to deal with plumbing if you are making simple updates to your bathroom.
Most rental properties don’t require expensive renovations. However, if you’re looking to go the extra mile to win over tenants, consider a full remodel where you install new flooring, sinks, showers, and toilets.
If you think a full remodel will suit your bathroom best, it may be best to reach out to the professionals for help. If you don’t exactly have the experience and decide to renovate this area yourself, you could end up with damages that will cost you more than the renovation itself.
Budget Bathroom Tips
Thankfully, if you want to revamp your bathroom space without installing any new appliances, there are some things you can do to make this space look almost new. For example, deep cleaning and repainting can go a long way.
If all your bathroom needs is a deep clean, consider hiring a professional to make the space look as good as new. If you want to take a DIY approach, take the time to get the necessary materials to clean the space to the best of your ability.
Keeping up with rental properties can be a lot of work. Perhaps you are a multi-property owner and all of your homes need renovating. This can get overwhelming while dealing with multiple properties. Luckily, you can enlist the help of a professional! Rental property managers are able to handle things like maintenance, payment collections, and tenant screenings.
Consider all your options and do your own research before diving into large renovations. Seeking budget-friendly options or hiring professionals has the potential to save you money and increase your rental home’s overall value.
Lynn Place is Vice President of Marketing for SolvChem Custom Packaging Division. She has 30 years of professional experience in the manufacturing industry and specializes in consumer packaged goods, new product development and strategic planning.