When running a rental business, you want to focus on upgrades that would look great but affordable, like bathroom renovations and kitchen renovations. Covenant Contracting Group in NYC suggests having tenants in mind when renovating properties —this means focusing on what tenants want.
For many renters, a dirty and outdated bathroom can be a dealbreaker. Given the importance tenants place on this room, bathroom renovations provide various benefits like the following.
Renters Want Up-to-Date Bathrooms
Being a private space, the condition of the bathroom is a top concern of future renters. Sprucing up the bathroom and updating fixtures can spruce up the property without splurging on bathroom renovations. Repainting, changing the toilet seat, upgrading fixtures, lighting, and adding modern vanities are low-cost upgrades that could give bathrooms a modern look.
Bigger Bathrooms Are More Convenient
Some rental properties have bathrooms that are on the small side. With more people spending time at home, larger bathrooms are starting to be a must-have. Expanding bathrooms by reconfiguring the layout or replacing existing storage units with space-saving solutions. Additional bathroom space is a saleable feature for all rental properties.
Makes Bathrooms Safer
Bathrooms are among the most hazardous locations where most slips and falls happen. Bathroom renovations could add more safety products to make the property safer for future tenants. Renovations such as adding a grab bar, barrier-free showers, and wider doorways are practical upgrades that keep tenants happy.
Address Signs of Damage
Bathrooms are prone to damage that is easy to ignore when tenants do not file complaints. When remodeling the bathroom, it’s easy to find signs of damage or actual damage that require repairs. Addressing leaks and plumbing issues before new tenants come in could save you from constant complaints because of the bathroom.
Water and Energy Savings
Upgrading the existing household system is part of bathroom renovations. Having a dual flush toilet or replacing your existing shower with a low flow shower reduces water usage and improves the energy efficiency of the rental property. Water and energy savings is another salable point that tenants consider when renting a home.
Midrange and upscale bathroom additions can bring in an ROI of about 53%. While kitchen renovations still provide a higher ROI, modern bathrooms can keep your occupancy rates high and help you attract high-quality tenants. Schedule a consultation with Covenant Contracting Group to learn more about working with an experienced commercial general contractor for bathroom renovations.