How Bathroom Remodeling Can Increase Your Home’s Value
Bathroom remodeling is the single most requested job in the United States, according to a survey by the National Association of Home Builders. Specifically, it accounts for 78% of all home renovation jobs.
This statistic shouldn’t really be any surprise. After all, a bathroom is one of the most essential parts of any home. However, it’s also one that’s often overlooked when homeowners think about increasing their home’s value.
Adding a new bathroom to your house or updating one you already have is one of the best ways to increase the value of your home. You should aim to make your bathrooms both functional and stylish, as this will go the farthest in increasing your home’s worth and salability. Before you call out the bathroom remodelers to work on yours, the following are some things you should think about when it comes to your own bathroom remodeling job.
Update Your Existing Bathroom
Is your bathroom worn-out or painfully outdated? Fortunately, you don’t need to add on to your home for bathroom remodelers to make some dramatic improvements.
To figure out what needs to be done to your outdated bathroom, first take the practical aspects of remodeling into consideration. Does everything in your bathroom work correctly? If so, you may just want to focus on the design elements. If you have problems like leaky faucets or damaged pipes, however, you should make sure the bathroom remodelers know to address this before they focus on cosmetic issues.
Plumbing, electrical, and structural repairs can be costly, but it’s far better to address them early on than to discover them later. The good news here is that by finding problems and repairing them now, you’ll be significantly increasing the value of your home.
Ultimately, you will need to decide what kind of job you need the bathroom remodelers to do: whether that be a new layout, more room, an update to its design, or a full makeover with complex repairs. This will also help determine what your costs and budget should be.
Costs and ROI
The average bathroom remodel costs around $18,000, but yours will vary depending on repairs that need to be made and the changes you want to see. A very basic remodeling job will likely cost you between $3,000 and $12,000.
When you turn around and sell your house, you could expect to recoup between 58% and 66% of your investment. But of course, some changes tend to show a bigger ROI than others. New tile, brighter and more natural lighting, updated cabinetry, and more modern fixtures go the farthest in fetching a return. Enhancing the space’s functionality and adding a sense of luxury will also go a long way: a Jacuzzi tub or steam shower, heated floors, double sinks, and practical features like shower seats and extra storage.
When you pick out colors for your remodeled bathroom, it’s a good idea to stick with neutrals. Because they appeal or less equally to everybody, potential homebuyers will easily be able to imagine themselves in the bathroom. The other factor to consider is what colors and design choices will still look great with the rest of your home’s decor. But the main thing to keep in mind is to avoid trendy materials and designs — these can look dated in just a few short years, so they could backfire on making your home more valuable.
Finally, you could also consider increasing the size of one of your bathrooms. This is typically less costly than building a new bathroom altogether. Alternatively, simply replacing an old bathtub with a glass shower will give the appearance of there being more room. Brighter light fixtures, larger mirrors, or wall sconces near the vanity can also contribute to making a room feel bigger.
Building a New Bathroom
If your home has too few bathrooms for its size and you’ve got some extra space, building a new bathroom or two is always a good idea. Because it’s a more complex project, you will need fairly specialized bathroom remodelers to get the job done. However, its added value can offset the cost, helping your home to sell more quickly and for a higher price.
The average homebuyer typically looks for a home with a master bath, a family bath, and a half bathroom for guests. For obvious reasons, this may be a bit much to take on if your home only has one bathroom and limited space. The larger your home is, the more likely it will be that prospective buyers will want to see several bathrooms. To make sure you’re headed in the right direction, you should hire an appraiser to estimate how much value the added bathrooms would really give to your home. You may want to scale back on your plans if the resulting estimate is above your neighborhood’s average value.
Whether you decide to add on an extra bathroom or update the one you have, increased value is still only one factor to consider. Besides making your home more desirable, a new or upgraded bathroom can also enhance your family’s enjoyment of the home while you’re still in it. For many people, that’s reason enough to call the bathroom remodelers and get the job done.