If you are considering a bathroom remodel, you may be curious about how the money you spend equates to the increase in your home's value.
When thinking of the return on investment (ROI), a few things can affect the resale value of your home. Assess your bathroom's current state to determine excessive wear, leaks, or damage.
How old is your bathroom and when was the last time, if ever, it was upgraded. How much money have you budgeted for the remodel?
Classifications of Bathroom Remodels
Generally, bathroom remodels are classified as either a midrange, upscale or universal renovation. These classifications do not only take into consideration how much you spend, but also what you spend it on.
Midrange Bathroom Remodel
- This renovation may include new flooring, new surrounds, new toilet, new fixtures. All the finishes and materials will be mid-grade and would be considered nice but not top of the line. Faucets may be upgraded to single handles and new vanity tops/sinks may be installed. This type of remodel would generally cost in the range of $19-21,000 and would see about a 70% ROI.
Upscale Bathroom Remodel
- The cost of the upscale remodel has a wider range simply because of what is being done. This could involve enlarging the space, removing or adding fixtures such as a walk-in shower or double vanity or heating the floor.
Top of the line materials are purchased for a truly luxurious space. Think rain shower heads, ceramic tile, free-standing tubs. Depending on what changes you make, the average cost of an upscale bathroom remodel runs in the $60,000 range with an average ROI of 56-58%.
Universal Bathroom Remodel
- The universal bathroom remodel refers to changes made to the bathroom to make it wheelchair accessible or ADA approved. This could be wider doors, higher toilet, support bars, and a roll-in shower.
These changes will appeal to a specific buyer and have a higher ROI than other classifications. With an average $16,000 investment, you can expect a ROI in the neighborhood of 71%.
Location, Location, Location
Although the numbers above are national estimates, they will vary from region to region, as well as from one neighborhood to the next. If you are in a subdivision with tract homes, or homes that are similar, a remodeled bathroom may bring more prospective buyers to view your property than another.
If you are in a neighborhood of older houses, the same rings true. It is definitely one of the selling points that interest buyers in all areas.
Get the Most Bang for Your Buck
Other ways to maximize your ROI with a bathroom remodel are:
- If it is broken, fix it. Even if you are not planning on replacing all the tile on the floor, fixing that one that is cracked is an inexpensive update.
- If you are keeping the vanity, repaint and/or change the existing hardware for something more modern.
- Choose neutral colors and designs if planning on resale in the near future. Though you may love bright colors, your prospective buyer may not.
- Of course, shop sales and remnants to get the most bang for your buck when it comes to surfaces.
- Work with a designer to optimize the bathroom layout and design. A designer will also help you find a reputable contractor and will know where the most value can be found when replacing fixtures and accents.
A bathroom remodel is a great way to boost your home's value and give you a sizable return on investment. Some sources quote ROI for a minor remodel at 102%. The most important things to consider are functionality, beauty, and layout.
Not planning to sell? There is still plenty of reason to remodel. According to the National Association of Realtors Remodeling Impact Report, 75% of homeowners want to be in their homes more after a remodel.
Regardless of why you are remodeling, choosing the right designer should be at the top of your list. We can help! Contact us to schedule a consultation.