Bathroom Remodeling for Rental Properties
Investing in remodeling your rental property’s bathrooms can improve tenant satisfaction and increase the rent you’ll get. However, it’s important to limit the changes you make based on what your target audience will enjoy. It’s also wise to budget for the cost of the renovation and factor it into your overall investment strategy.
As a general rule, you can expect to get back about 70% of the money you spend on an average bathroom remodel. This makes it a great option for increasing the profitability of your rental property https://bathroomremodelchicagoil.com/ and reducing vacancies. If you’re unsure what changes would be most popular with tenants in your area, consult with local real estate professionals or visit open houses in the neighborhood to see what amenities other landlords are offering.
While a complete overhaul may be out of your price range, it’s important to prioritize repairs before starting any renovations. A basic cleaning should be the first step to ensure that mold and mildew don’t ruin your newly remodeled space. Next, consider a few easy improvements like replacing old, dated fixtures and upgrading the mirror and light fixture. If your budget allows it, you can also add new flooring and paint.
Painting a room is an inexpensive way to transform a bathroom, but it’s important to choose a color that won’t be too polarizing for your prospective tenants. Keep in mind that your target audience will be looking for a blank canvas they can personalize with their own touches, so neutral shades like white and gray are usually a good choice.
Another easy way to update a rental bathroom is to refresh the grout with stain-resistant grout. This will keep the bathroom looking fresh and clean while making it easier to maintain for your future tenants. Likewise, simple updates like replacing the knobs and handles on cabinetry or replacing the faucet are relatively inexpensive and can make a big difference in a bathroom’s appearance.
A lot of potential renters will be turned off by a dingy or outdated bathroom, so investing in a few updates can help you get your property occupied faster. Be sure to check with your landlord before doing any major renovations, as some will not allow you to paint or may require that the original color be returned at the end of the lease agreement.
Although an expensive kitchen remodel can have a higher ROI than a minor bathroom upgrade, it’s important to weigh your options carefully before investing a large amount of money in your rental property. It’s also a good idea to get an estimate of the remodeling costs and decide how much you can afford to spend before hiring contractors. It’s a good idea to include any necessary permits in your initial renovation budget as well. Also, remember to plan ahead and order any materials before beginning the construction so that you don’t overspend or run out of time. Finally, be sure to have a plan in place for how you’ll handle construction waste and demolition debris, as well as how you’ll acquire any building or plumbing permits that are required.