How Much Does a Bathroom Renovation Increase Home Value?
With the real estate market at the top of its game, there isn’t a homeowner today who isn’t considering their seller options. Interests rates are at historic lows, and home buying offers are well above the asking price. If you were even considering a move before, chances are you have recently switched over to more serious actions.
According to Fit Small Business, the average price of newly listed homes has climbed 32.6%, and the median home price in 2021 is $350,300. The report also found that houses only last 37 days on the market before being snatched up with a qualified offer.
The key to getting the most out of your home is getting it ready to sell while the market is still hot. This begins with the rooms that sell houses the fastest: remodel your kitchen and bathroom.
Here, we’ll touch base on how much a bathroom renovation can increase your home value, with some insightful measures you can take to reduce the cost of your home improvements.
Do Bathroom Renovations Increase Home Value?
The simple answer is yes. Bathroom renovations do increase your home’s value. In some cases, it can even make a significant impact on the value of your home. So, how much can you expect?
According to Moving, homeowners spend a little more than $20,000 on midrange bathroom renovation projects and almost $65,000 on upscale bathroom renovation projects. This may seem like too much at a glance, but research shows that at resale, sellers recover 67.2% of their costs from midrange renovations and 60.2% for their upscale renovations.
While there isn’t any good insight into what you may pay and get back for a low-scale bathroom renovation, data supports that it will have similar outcomes: most of your investment will be returned at resale.
It can be normal to expect a total return on your bathroom investment, but experts suggest that might be a naive approach. The truth is, most investments in home improvements and renovations will give you a full 100% return. However, they will attract more buyers and bring a more modernized and clean environment to your bathroom.
Think of it as investing in the satisfaction the bathroom will bring to new buyers and yourself in the meantime. Bathrooms and kitchens sell homes by themselves in most cases. To get the most out of your home, you’ll need to increase its value with some much-needed renovations. Fortunately, there are plenty of options that won’t break your bank in the process.
Bathroom Renovation Ideas That Don’t Break The Bank
Research shows that bathroom renovations increase the value of your home, but more often than not, homeowners are spending much more than they need to attract buyers. The truth is, minor updates and improvements are all it takes to increase home value. There’s no need to go above and beyond when the new homeowners will likely make changes to fit their tastes better anyway.
Here are six reliable ways to renovate your bathroom, increase home value, and stay on budget.
Upgrade your plumbing fixtures
Taking out your bathtub and replacing tiles can become a bigger job than many homeowners expect. It requires extensive effort and time — not to mention money — to demolish what you have and replace it with entirely new elements. Instead, rely on updating your fixtures to bring a more modernized and tasteful look to your bathroom. You may even find that it all looks brand new with minor fixture upgrades!
Update your walls with new paint
A fresh coat of paint always brings a modern and clean look to your bathroom. In fact, a new coat of paint should be applied to all areas of your home if you want your home value to skyrocket in the right direction. According to Open Door, updating the paint in your home results in a 107% increase in return on investment, offering homeowners an average $2,001 increase in value.
Replace your vanity top
Chances are your vanity is still in good condition, so a fresh coat of paint there will save you money while making it look brand new. However, an outdated countertop won’t be as easy to conceal, so a new one is typically essential to increasing your home value. HGTV says natural stone counters in the bathroom are the most popular trend right now. They’re more durable than most other options, and they give off a luxurious and clean feel to the room.
Modernize your flooring
Depending on the size and look of your bathroom, there are many routes you can take with your flooring. The most popular right now is hardwood flooring because it looks more modern and less cold and clinical. Even better, hardwood comes in various colors and styles to fit your bathroom’s specific look and tastes. Research shows that you can expect to get back between 70% and 80% on your investment when installing hardwood flooring.
Shine a light on all the right areas
Natural lighting will always be a top seller in any room remodel, but that’s not always ideal. This is especially true for a room that requires privacy. A combination of the right mirror, vanity lighting, and a window can go a long way in improving the natural light in your bathroom without sacrificing privacy and comfort. Light fixtures on each side of your mirror are also beneficial because it gives off unreflected lighting to enhance the mirror’s purpose.
Transform your home with a SMART home solution
The real estate market isn’t expected to stay hot forever. In fact, no one is really sure when it will sizzle out. However, we know that it will, and the best way to take advantage of the competitive bidding (and overbidding!) is to have it ready to sell and on the market as soon as possible. With JSB Home Solutions, our home solutions are SMART: Save Money and Remodeling Time. Contact us to schedule a FREE consultation today.
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