With any major purchase, you should consider your motivation, how much you will spend, and the anticipated return on that investment. When buying a car, is it out of necessity or do you just want a newer model? Are you buying a practical, family vehicle you plan to keep for years or will you upgrade again in shorter span of time? Any big expense requires careful consideration, and a bathroom renovation is no exception.
Several issues influence the value received from a bathroom renovation, but the most important is your motivation. Are you remodeling for personal use, because you plan to stay in your home long-term? The value gained in this case is emotional rather than monetary, and your decisions must be driven by what will enhance your lifestyle. Spend money on the items you love and appreciate, whether that is a large shower design with rainfall and massaging showerheads, or a unique freestanding tub.
Perhaps you plan to sell and hope this renovation will impact resale value, in which case your goal is a direct monetary return. Updating your kitchen and baths may be enough to give your house an edge over other homes for sale in your area. How much of your investment are you likely to get back in resale value? In the local region surrounding Newtown, a mid-range bathroom remodel costs around $22-28k, while an upscale remodel costs about $58k. According to a report compiled by Remodeling Magazine, you can expect to recoup about 55-60% of that cost in the resale value, though some sources put the figure higher.
When remodeling for resale value, here is a checklist to consider:
1. Get the number right
Most homes are equipped with plenty of bathrooms, but some older homes may only have one or two bathrooms. Prospective buyers expect to see multiple baths and recognize the upheaval and expense involved in adding new bathrooms, which may be a deal breaker. Considering diverting your remodeling funds to adding a second bathroom before you look at updating an existing space. This will definitely make your house more attractive on the market, and generally allows you to recoup 80% or more of the remodeling expenses. What a great return on investment!
2. Look to your neighbors
How much you get back depends in part on the value of homes in your area, the value of your home, and the quality of your project. Check out what is typical in your area and look at the popular features found in homes for sale. Also, make sure you invest enough but not so much that you price yourself out of your neighborhood.
3. Make it move-in ready
We spend much of our days in the kitchen and bathrooms, and they can be the most expensive and difficult to renovate. An attractive bathroom design gives prospective homeowners the feeling that they can comfortably move in without undergoing major work. Make sure structural elements are in shape but also focus on visual items like tiles and fixtures that will grab attention.
4. Go for the wow factor
Pick a few select items that will catch people’s attention as soon as they enter the room. A large glass shower enclosure, a stunning vanity, or an eye-catching tile detail will enhance the space and make it more appealing. Depending on available budget and the value of your home, you may need to pick and choose which items to incorporate. Use a more expensive tile for a feature or opt to update faucets and keep your existing sink. A few high end details are enough to give your bathroom design the updated look you want to appeal to potential buyers.
If you do not plan to sell, incorporate as many desired features as your budget will allow to get the maximum impact out of your bathroom remodeling project. If you plan to sell your home, invest wisely in items that will attract buyers and give you a positive return on your investment. Decide why you are remodeling first, then determine what will give you the most value from your renovation. A bathroom design specialist can help you accomplish your remodeling goals.