A bathroom remodel is a great way to give your home a new and improved feel and increase the value of your home. Of course, the return in home value you receive depends on the quality and details involved with the bathroom remodel, which is why choosing a reputable and proven bathroom remodeling contractor is important. This review discusses on average how much you can expect to save from a professional and well-done bathroom remodel.
Does a Bathroom Remodel Increase Home Value?
Bathroom remodels increase the home value substantially in most cases. On average, bathroom remodels increase home resale value by approximately 65 percent of the investment price. This means at an average home renovation cost of $25,000, the homeowner can increase their home value by about $15,000. Of course, the home resale value can fluctuate for every homeowner depending on the renovations they choose. In fact, some may see it as high as a complete return on their investment.
Every homeowner should have their own goals for their bathroom remodeling project. For those who want to optimize their home’s resale value, there are some ideas that can help you accomplish that. Among other upgrades, this includes upgrading the plumbing, vanity and bathroom flooring. It is also beneficial to make your bathroom more energy efficient. Of course, every project is unique. A contractor can provide a personalized remodeling plan to help you maximize your home’s resale value.
Upgrading the Bathroom Fixtures and Plumbing
The bathroom fixtures such as the toilet, sink, shower and tub are relatively inexpensive to upgrade, but they can increase the home resale value by a fair amount. This is a primary component of most bathroom remodeling projects unless the homeowner recently had new plumbing fixtures installed. You can also choose smart showers and toilets to modernize your bathroom and make it more appealing for many buyers if and when you decide to sell your home.
Upgrading the Bathroom Flooring
Bathroom flooring can be a bit more costly, but it yields a solid return in the form of resale value. On average, bathroom flooring costs between $2 and $4 per square foot. You can also purchase innovative radiant heat flooring for approximately $6 to $7 per square foot to improve the bathroom’s overall comfort and feel. Through a cost assessment and discussion with a bathroom remodeling contractor, you can weigh the financial pros and cons of each bathroom flooring option and decide on the best option for meeting your design goals and maximizing your home’s resale value.
Making Your Bathroom Energy-Efficient
By considering the energy usage of the appliance you purchase and choosing energy-efficient models, you can save money on your water bill each month. They make low-flow showers, sinks and toilets that work just as well as outdated models while also cutting your energy usage substantially. These energy-efficient upgrades can also improve the home resale value.
Installing a New and Improved Vanity
The bathroom vanity includes cabinetry, mirror, medicine cabinet and more. Installing a new and improved vanity can improve the functionality and feel of your bathroom while also increasing the home appraised and resale value. A new vanity can not only increase value based on the appraisal, but it can be a huge selling point when showing the home as well. There are also new and improved concepts for vanities, such as back-lit mirrors and medicine cabinets and wall-mounted (floating) vanities.
Should I Remodel My Bathroom In 2021?
Although a bathroom remodel can be relatively costly initially, many homeowners see a return of a large portion of the cost when they sell their home, along with getting to enjoy the benefits of the new bathroom fixtures as well. Ideally, homeowners should remodel their bathrooms every five to ten years to maximize their home’s resale value and ensure everything remains in good condition. This is, of course, in addition to the benefit of a better overall experience and added comfort with the bathroom as well.
Of course, the amount you spend on a bathroom remodel depends on your renovation needs and the goals you have for the project. A basic basement remodel can cost between $10,00 and $15,000 on average. A more extensive bathroom remodel typically costs between $20,000 and $25,000. An upscale remodel can cost as much as $50,000 or higher.
Serious consideration should go into any home renovation that requires spending tens of thousands of dollars. However, homeowners should also consider the increased value of the home that is achieved through the remodel.
According to Remodeling Magazine, homeowners can get a return of up to 66 percent in home resale value with a home remodeling cost. For upscale remodels, the homeowner can see a return of up to 58 percent when they sell their home.
The best way to determine if a bathroom remodel is right for you is to discuss remodeling ideas with a bathroom remodeling contractor. They can also provide specific information about how much your home resale value can increase and provide a quote for the initial costs of the remodeling.
Ways To Maximize The ROI From Your Bathroom Remodel
Every home remodeling project is unique. It is helpful to discuss the details of your bathroom remodel with a professional contractor to learn the steps you can take to maximize the return on your investment (ROI).
In general, some of the best ways to maximize the ROI from your bathroom remodel is to take care of the practical aspects (i.e. plumbing, electrical, etc.), increase the natural lighting, upgrade the vanities and fixtures, and add smart technology and a soaking tub. Extra storage space may also appeal to prospective buyers as well.
Take Care Of The Practical Aspects First
The first step for your bathroom remodeling should be to consider the functionality and safety of your bathroom. The practical aspects of your home remodel may not be as interesting as the cosmetics, but it is essential to ensure you maximize your home’s overall value.
The practical aspects may include fixing leaks, repairing wall damage, and other plumbing, electrical, and structural concerns. Some tasks you (or your contractor) may be able to handle.
However, specialized tasks such as electrical work should be left to subcontractors (i.e. plumbers, electricians, etc.) to ensure the job is done correctly and in the safest way possible.
Increase the Natural Lighting
You can increase the natural lighting in your bathroom by strategically installing windows for optimal sunlight. This is often more appealing than artificial lights as it creates a more comfortable environment.
The increased appeal to prospective buyers can make it easier to sell your home for the ideal price. New window installation as a part of your bathroom remodel can also increase the home’s appraised value as well.
Upgrade The Fixtures And Vanity
Brand new fixtures, vanities and cabinets can add value to your home. A modern trend that often appeals to home buyers is a floating vanity, which is essentially a vanity that is attached by the wall rather than the ground. Consider color choices that are fun and vibrant. Quality materials such as marble can add more value to your home.
Add Smart Technology
Smart technology is trending in homes. Many smart technology items are making their way into modern bathrooms as well. This includes but is not limited to smart showers, smart toilets, and heated floors, among other possibilities.
Smart technology can make it easier to sell your home in the near future, and the value of smart appliances and fixtures is likely to continually increase throughout the years and decades.
Add A Soaking Tub
A soaking tub is a great sales pitch to prospective buyers and can subsequently increase the amount you are able to sell your home for.
Having a glass of wine surrounded by candles while in the soaking tub is a great way to spend the night after a long day of work. In addition to the practical value a soaking tub adds, it can be quite stylish when properly planned and installed.
Increase The Storage Space
Storage space is hard to come by for many homeowners, and adding more storage space could be a great way to make your bathroom (and home) more appealing during the home selling process. This could be in the form of a more spacious storage closet or cabinet installation.
Contact the Bathroom Remodeling Pros At Monumental Contractors
If it has been a long time since your last bathroom remodel (or if you have never had a bathroom remodel), then you may receive a substantial increase in home value by working with Monumental Contractors. We handle the entire remodeling process, so you never have to worry about the difficult processes often involved. If you would like to start the process or have questions, reach out to our professional and friendly team today.