Whether you are considering selling your house in the near future or are simply wondering about the return on investment for an updated bathroom, it’s always advisable to research how much home value a bathroom renovation project adds to a property.
It is becoming increasingly popular for many homeowners to remodel their bathrooms due to the increasing potential buyers who want a brand new bathroom with a fresh coat and more functional space.
If you wish to increase property value in the near or distant future, is it beneficial? Let’s explore the value bathroom remodels can add to homes.
Does A Bathroom Remodel Add Value To Your Home?
Does a master bathroom remodel increase home value? In most instances, yes. Depending on the local housing market, a bathroom remodeling project can be a terrific way to increase a home’s resale value while making it more functional for your family until you decide to sell.
Wondering how much value new bathrooms offer? The truth is that not all renovations are the same. Typically, it is determined that the value of a new update is based on its approximate scale.
Here are three types of standard repairs to find out where your project falls:
- Midrange remodels – A midrange remodel includes components such as ceramic tile floors, new shower heads or handles, white standard toilets, and new vanity counters.
- Upscale remodels – An upscale bathroom remodel may involve structural changes such as:
- enlarging or rearranging the existing bathroom space or layout
- installing heated floors or radiant heat mats
- installing steam shower
- installing high-end faucets
- installing new lighting, light fixtures, or any electrical upgrades
- installing stone countertops or granite countertops with double sinks
- installing tile floor or tiled shower walls
- Universal Design – This makes a bathroom wheelchair-accessible by installing a bathroom addition, like a widened doorway, accessible storage, a walk-in shower, and support bars throughout.
Depending on the specific bathroom upgrade and your location, each of these types of renovations will yield a different return on investment.
- Low-Scale Project: Most low-scale remodels, no matter if they are minor upgrades only, cost several thousand dollars. According to HomeAdvisor, the national average cost to remodel a half bathroom is $6,500.
- Midrange Project: Over the past decade, the trend for midrange projects has risen steadily, according to Remodeling Magazine. The average cost of these home improvements surpassed $24,000 in 2021.
- Upscale Project: Like midrange projects, the cost of upscale bathroom renovations have increased over time. The average upscale remodel that homeowners pay for is over $75,000.
Should Or Shouldn’t You Do It?
Based on the your average neighborhood value, it is clear that the average midrange project usually offers a higher return on investment. Using estimated expenses and value, you must compute your own ROI to determine whether your project is worth the investment.
If you intend to sell your property immediately, this project may not be profitable. The research on the local market indicates that you regain a portion of your money, but not all. Consequently, you may lose money when you sell.
A mid-range or upscale renovation is preferable for homeowners who intend to use the entire space.
Tips On How To Do A Remodel
If you are renovating for pleasure and have no plans to move, feel free to make contemporary, creative decisions. If, on the other hand, you want to sell sooner rather than later, consider the resale value while planning renovations. Therefore, adhere to neutral colors that appeal to the greatest number of buyers.
Pro Tip: Consider taking measures to make the master bath appear larger, such as installing glass shower doors, bright new tile and stronger lighting. It is essential to consider potential buyers when designing a worthwhile makeover, and always talk to a local real estate agent.