Talk to almost anyone in the real estate world and they will agree that a bathroom renovation is a great investment. In the case of multifamily properties not only will a bathroom renovation increase the overall value of your investment, it will also allow you to increase rent, while at the same time retain or attract new tenants. As the premier agent for apartment buildings for sale in British Columbia, I would like to share why the bathroom needs to be your next renovation.
Features to Renovate
When it comes to renovating your property’s bathrooms, you will not need to do a floor to ceiling renovation to get the desired effect. Instead, pick a few key areas and focus on modern design and quality products. Below is a list of some of the areas that you should consider when performing a bathroom renovation.
Look to replace your old bathroom flooring with either vinyl or ceramic tile. This will give you a modern upscale desired look, while at the same time increasing the durability and lifespan of the flooring. Replacing the flooring can also allow a rental increase as many tenants are quite happy to pay for this type of upgrade.
Here’s the Deal:
Quality flooring can transform a space. Make this one of your bathroom renovation projects.
Upgrading your sink or faucet is an inexpensive way to add value to your suites, while at the same time saving on utility costs. When you are upgrading your faucets make sure to replace them with smart faucets or energy efficient ones.
Upgrading your shower or tub will give your bathroom an ultra-modern look. Many residents prefer a luxury shower over a tub. If you choose to renovate your shower or tub, consider the following features:
- Install glass or tiled walls to give your bathroom a hotel inspired design.
- Consider installing a rain showerhead and ensure that it is low flow and energy efficient.
- If the suite has 2 bathrooms, upgrade the master bathroom with a luxury shower and keep a tub in the main bathroom for children.
Upgrading lighting in any room is always a great idea. In regards to your bathroom, consider installing smart style lighting that is LED friendly to save money on your monthly energy costs. Incorporate modern lighting ideas such as track lighting or decorative fixtures for a unique look.
Replacing bathroom cabinets can be one of the most dramatic renovations. Lighter colour cabinets will give a clean and modern look to any bathroom. Change and update the cabinet’s hardware to match the desired look. If you are on a limited budget, consider refacing the cabinets instead of replacing them.
Bathroom renovations are a wise investment for multifamily properties. Regardless of what type of renovation you choose, it will keep your property modern and will attract and retain tenants as well as attain higher rents. If you are interested in other smart renovations for your multifamily property or would like to see some of the new and exciting apartment buildings that are available, please contact me today.