So you have a rental property that is a bit outdated. OK, maybe it’s a lot outdated… but everything works, so why change it, right? Just like when you sell a home, bathrooms and kitchens are important to your tenant prospects, too. This post will help you decide whether an update will help your ROI or just hurt your pocket book.
Can You Compete in Today’s Rental Market?
If the kitchen and bathrooms of your rental property can’t compete with what renters typically find in today’s apartments, you may have trouble finding a tenant. The question is what to do about an outdated bathroom: is it better to tear it out and start over, or are there ways to inject enough sophistication into it to make it appealing? You are in business to make money, and a major bathroom overhaul may be cost prohibitive. You will need to do the necessary due diligence before deciding how to proceed.
Ask an Expert
An expert can help determine the type of bathroom renovation is justifiable in your area or if one is even needed at all. It may be worth doing if it will increase the rent on your property and continue to attract quality tenants for years to come.
Full Renovation or Small Updates?
Sometimes a full renovation is needed if your bathroom is really outdated. But if it’s not going to make that big a difference to your bottom line, then it’s time to consider other, less costly ways of updating bathrooms that will still deliver some reasonable bang for the buck.
Swapping out countertops and creating as much display space as possible is a good start. Choose a natural or faux stone slab that will harmonize not just with the rest of the bathroom, but with the entire rental home. If the cabinetry in the bathroom is good, paint it and add new knobs and pulls. Replace mirrors, light fixtures, and plumbing fixtures. If there’s room in the budget, consider adding bead board to bathroom walls as well. This elevates the room instantly, and at not much cost.
Once you determine the best fit for you, your property management team can help you get the job done quickly & efficiently by helping find a quality contractor to work with. At Access Property Management Group we strive to make maintenance decisions and updates easier.