The value of your property can decline as the years pass. Wear and tear can make the property less valuable for its eventual sale. For rental properties, the bathroom alone influences what you are able to charge monthly.
Imagine being able to market your renovated home with all new appliances. Suddenly, selling the property becomes easier. Upgrading or expanding a property can be simple and effective. It makes the house more luxurious for residents and drives up the value of the home, and this is especially the case for bathroom updates.
There are more than a few ways to update a bathroom that aren’t as expensive as a full renovation from scratch. These can vary in cost and effort, so you can choose the projects that fit your needs best.
Here are 3 smart ways to update your bathroom space. These methods have proven to be successful for driving up property value. You can sell or rent the home for more, and live in it with more satisfaction than before.
Expand to a Master Bathroom
This is one of the more difficult renovations. It takes time and involves more work than other upgrades. This is because it involves changing the structure of the home. However, it is a much more profitable remodel than others. Transforming a small restroom into a luxurious master bath can increase the value of any property.
Expert bathroom renovation contractors say that adding a master bathroom can cause rent to double in some areas. This profitable upgrade is worth the investment. When it comes time to sell this property, you may even make more than you spent on it.
One of the best ways to improve property value is to offer energy-efficient appliances. The installation of these environmentally-friendly faucets and toilets can save you money on utilities. This is because they are able to function without using as much water.
Energy-saver options are appealing to renters who want to save money on their utility bill. They may be willing to pay more each month for rent knowing they will end up saving money as well. It is appealing to people who care about the environment. These appliances add immediate value to your property.
Low-flow toilets and showers aren’t the only way to conserve water. Light bulbs can be energy efficient. These appliances aren’t much more expensive than the regular models, so this is a renovation you can do on a low budget.
One way to make a property more appealing to renters or buyers is to make it accessible for all users. It can be difficult to find rental properties with bathrooms that are wheelchair or walker accessible. There are many easy ways to update the bathroom to be suitable for all.
Implementing subtle but strong railing in the shower is great for older residents who may want some extra support. Another great option for accessibility is the walk-in tub. This is a bathtub model with a removable wall. It allows people to enter the shower without having to step over the tub wall.
These small adaptations can make a world of difference to people with impairments that affect mobility. Implementing a few of these inexpensive installations can make the property more marketable to a wider range of renters and buyers.
The Bottom Line
However you choose to upgrade your home, using one of these ideas can drive up the property value. Investments need not be out of budget, but major investments can yield massive return on investment. However, even the smallest upgrades can make your property more profitable.