What Is the Return on Investment for a Bathroom Remodel?
Whether you’re already thinking about putting your house on the market our you’re just considering how you can add value to your home, an up-to-date and thrifty bathroom renovation may be a perfect improvement. Earning some return on your investment is a somewhat difficult prospect when it comes to home renovations, but with careful consideration and planning, updating the design of your bathroom might be the perfect selling point when the time comes to sell.
That’s why we’ve laid out some of the options and key benefits of an effective bathroom remodel, as well as some things to watch out for to help your renovation run smoothly.
Getting Started
So, if you’ve decided that if you remodel a bathroom you will be brought closer to your goals, then the next thing to do is to decide on the theme and design of your bathroom. If you’re not sure about the direction that you want to take in the early stages of the renovation, then keeping it simple and investing in designs that have been proven to produce a solid return on investment is the way to go.
When housing markets are thriving, there is much more opportunity to get some of the funds you dedicate toward a renovation back. The bathroom might be the space that adds the most value to your home if your money is spent wisely. Bathrooms can be the most expensive spaces in a home and often become powerful selling points for a homeowner.
What Can Be Renovated?
Many homeowners are choosing to replace their tubs with walk-in showers in a bath remodel which seem to be the more efficient choice when it comes to time management and water control. A beautiful walk-in shower can replace an under-utilized tub as the most attractive part of a new bathroom. Many couples and prospective buyers still look for double sinks in the master bathroom, so thinking about adding another sink might help add some value to your house. Also, check out 8 other master bathroom remodel ideas for your dream remodel!
If you’re living in a home that only has one bathroom, rather than thinking about how you can renovate your only bathroom, it might be a better idea to invest in a new bathroom. If you end up putting your house on the market, you’re likely to have more interest in multiple bathrooms instead of only one.
If you are thinking about selling your home sometime soon, keep in mind that the look and design of your bathroom might be what makes the sale or what turns potential buyers away. Here are some tips to keep your bathroom remodel on track, as well as some trends that should be avoided. Many buyers today are seeking a renovated bathrooms and kitchens so making smart choices in how you invest in your bathroom might be what gets you into escrow.
What Materials Produce More ROI?
Another vital consideration during a bathroom remodel involves the types of materials that you have at your disposal. Some of these materials will produce a better return on your investment which is why knowing what design features are trendy and which are outdated will help you determine the best material choices for your remodel. If you don’t plan to move anytime soon, then you have the luxury of concentrating on what you will enjoy and what will work best for your lifestyle.
When choosing a theme for your bathroom and the look of your fixtures, choosing copper, gold, nickel, and gold can be safe bets when it comes to maintaining resale value. There are plenty of ways to materials into your bathroom design, and replacing fixtures can be a simple and quick way to spice up the look of your room. One material that might not produce the return on your investment that your expecting is a brass color-theme. This once very popular look is not as hip as it once was while prospective buyers are seeking a more modern look. Going with a brushed nickel or brushed copper look is another cost-effective way to start updating your bathroom. Get more information on color schemes in the article, “Master Bathroom Ideas to Enhance Your Space.”
Other fixtures you can think about matching can include a new towel rack or mirrors. These simple cosmetic changes might be all you need when it comes to stylizing your bathroom and maintaining a relevant look. New fixtures can also give the appearance of a more extensive remodel during open houses.
Saving Space During Renovations
One of the most important elements of an effective bathroom renovation involves the appropriate and efficient use of space in the room. You’ll want to plan wisely and leave plenty of space in your bathroom during your remodel. If you’re trying to decide whether you want to begin work on your one-and-a-half bathroom, it might be smarter to think about if you can dedicate those funds toward completing another full bathroom.
Most buyers will prefer multiple bathrooms over the newly-renovated one. If this is the only bathroom in the house then maximizing your space is that much more important. Replacing your vanity cabinet with a wall-mounted sink will save you a good amount of space in your bathroom. Other areas of your bathroom that you can think about improving include storage space, flooring and even shower seating.
Cost-Effective Renovations
Few homeowners are spending money remodeling their bathrooms if they don’t believe that they will see some sort of return on investment. And most prospective buyers will make a point of checking out the bathroom before deciding to buy. Although remodeling your bathroom can become pricey, it doesn’t have to be. There are some easy and cost-effective ways to update the design of your bathroom, so you can still keep up with the times without breaking the bank.
Earning a return on your investment can be tricky no matter how the housing market is doing, but in healthier markets, a new-looking bathroom might raise the value of your home to your target price range.
Implementing Natural Light
Opting to add some natural light to your bathroom is one way to achieve the appearance of space in your room. If you aren’t getting the natural light you’d like in your bathroom, then adding some recessed lighting can be an appropriate substitute– this type of lighting helps preserve the appearance of space in the room instead of the immediate and abrupt feeling that bright bathroom lights can give.
Other Lighting Options
If you’re feeling fancy and your ceilings are just high enough, you might even consider implementing a hanging light fixture in your bathroom. There are plenty of choices when it comes to hanging lights and chandeliers so be sure to stick with something that matches the other fixtures in your bathroom.
Pick and choose the elements you replace in your bathroom wisely– you may only end up changing your lighting and your toilet but still add a significant amount of value through the renovations. This is also a convenient way to save on time and other resources as well as avoid worrying about some of the more complicated parts of a full bathroom remodel.
Adding Glass Features
Frosted doors aren’t as sought-after as they’ve been in the past, which works out because plain glass doors are another way to give the feeling of more space in your bathroom. If you can afford to take on the project, changing out your tub for a glass, walk-in shower can be another way to save space and add the appearance of extra room in your bathroom all at the same time. Glass also maintains a modern look so you don’t have to worry about updating again in a few years,
Fresh Paint Job
Re-painting your bathroom is another example of a relatively simple project that can really update the feel of your bathroom at a reasonable price. Most buyers today are seeking clean looks and colors that bring in extra light. Adding some fresh color to your bathroom is one of the most efficient ways to update your room.
If you have trouble deciding on a new color, consider going with a neutral color paint that is more likely to stand the test of time than the color that is trending at the moment. This will help make sure that your bathroom doesn’t become dated-looking a few years down the line.
What Affects Return On Investments for Remodels?
Not every bathroom renovation will produce the same return on investment. It may be wise to speak with a broker while you do your research to find out more about what sells in your area and what buyers look for in a bathroom. Neighborhood and timing make a huge difference as far as the return on investment you should expect. Doing your homework based on your area will save you from spending more money than you need to on your renovations.
Location
The part of the country that you live in is another aspect that will impact the ROI that you see from any type of remodel. Changing tastes and varying markets can make it difficult to predict exactly what type of money you’ll get back from your renovation. If done right, a bathroom remodel can produce more than half of its value and depending on current trends it may yield more. That’s why it’s important you are aware of the latest bathroom remodel trends before getting started.
Timing
Timing is key when it comes to assessing the value of your bathroom renovations and the money you’ll get out of them. Most brokers explain that the longer you remain in your home, the greater your chances become of earning a better ROI– unfortunately, there are no guarantees when it comes to earning some of your investment back. Bathrooms styles can go in and out of fashion quickly, so if you’re not planning on selling soon, stick with some you’ll appreciate years from now and hopefully, that timeless look will still be appreciated when the time comes to put your house on the market.
When you’re deciding how you’re going to update your bathroom, make sure the finished product is still consistent with the look of the rest of your home. If your bathroom doesn’t mesh with the theme throughout the house, it might be a little jarring and deter a potential sale. Most buyers aren’t looking for uniquely eccentric design in their bathrooms, so choosing traditional materials and styles for your bathroom will help protect your investment.
Wrapping Up
There are many avenues to explore when it comes to how you can renovate your bathroom. Simple and cost-effective renovations might include simple fixture replacements or a fresh coat of paint on the walls. Other, more extensive renovations, such as a new toilet, tub, or cool shower design, might be necessary additions to a newly-remodeled bathroom, but these projects should be handled with caution if you want to keep your average cost down and give yourself the best chance of earning some sort of ROI. A renovated bathroom can add a real sense of comfort and elegance to your home if it matches the theme throughout. If you’re still lost on ideas, take the quiz, “What’s Your Ideal Bathroom Style?”
