Benefits of fitting a new Bathroom in rental property....

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    Benefits of fitting a new Bathroom in rental property....

    I have owned a rental property for quite a few years now and realise the Bathroom is looking a little tired compared to the rest of the property. Don't get me wrong it is exceptionally clean and all the tiles are in good shape although the actual style looks a little old fashioned.

    The property is in a very affluent area therefore I guess my tenants would expect a good modern bathroom? I have priced up to renew and think it may cost approx 3k.

    My question is would refitting a new bathroom increase the rental value of the property or am I wasting money? Could I increase the rent say £100 per month after its done?

    #2
    You do realise that absolutely no one can answer you with the information you have given?
    Allow tenants to protect their own deposits. I want free money when they do it wrong

    Comment


      #3
      Thanks. What info do you require?

      Comment


        #4
        Originally posted by matthew1000 View Post
        The property is in a very affluent area therefore I guess my tenants would expect a good modern bathroom?
        [...]
        My question is would refitting a new bathroom increase the rental value of the property or am I wasting money? Could I increase the rent say £100 per month after its done?
        It's all about what tenants expect (as you've pointed out) and what the market rental value of your property is, or should be, versus the competition; and also how quickly the property will let with and without a new bathroom (eg if it stays empty 3 months, and your rent is £1,000 pcm, then that's the cost of the new bathroom...)

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          #5
          Yes thats right! I have potential Tenants calling me direct and also my Letting agent doing regular viewings. It usually rents within a Month which is great. However it usually rents to Professional Men as I think Women may get put off by the fact it is an older shower unit and bathroom. I just wondered if I spent the 3k on a new Bathroom would that justify the rent going up say £100 a month? As I dont want to spend 3k and just get the same rent with tenants I would have got anyway.

          Food for thought!

          Comment


            #6
            Originally posted by matthew1000 View Post
            I just wondered if I spent the 3k on a new Bathroom would that justify the rent going up say £100 a month?
            Go on Rightmove and look at other rental properties in your area. See how your property would compare with other properties that rent for £100 a month more. That will give you your answer.

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              #7
              We replaced our tired and dated bathroom and kitchen in out flat in London. Took us one month and cost 5K. We got £100 more per week for a 1 bed.

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                #8
                Wow 5k is a very good price for Bathroom and kitchen bbva. Good on you. Guess thats what I'm wanting to hear!

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                  #9
                  In my block of similar sized flats a tired 1 bedder goes for 900 pcm, a top notch 1 bedder 1200, so a 300 pcm or 30% uplift.

                  In capital terms a top notch one you get the rental uplift (payback say 2 years) & when you sell it you get c 10k extra v the tired one.

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                    #10
                    You could try talking to letting agents see what they say, there are other advantages, you increase the value of the property, may rent easier and you may get a longer term tenant which could reduce your costs

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