A bathroom remodel is a big undertaking—and not necessary a inexpensive one at that. Whether or not your remodeling efforts will increase home value or offer a good return on investment (ROI) depends on three primary things: the materials used, how much you change, and whether or not you pay a professional of do-it-yourself.
That being said, regardless of your approach, you might not necessarily recoup your entire investment should you sell. However, according to Consumer Reports, bath remodels are one of the higher returning projects homeowners can undertake with a projected 2-3% increase in home value.
Deciding How Much to Spend on a Bathroom Remodel
Adding value without going into debt is pivotal, so set a budget for the project and stick with it. Bathroom remodeling costs have a wide spanning range depending on whether the upgrade is minor, mid-scale or upscale.
Minor bathroom upgrades can include tasks like installing new fixtures, new toilets, re-caulking seams around tubs and sinks, modern lighting or an attractive new vanity mirror. These improvements typically cost around $3000 or less. Mid-range bathroom remodels cost $19,000 on average, and upscale upgrades average around $62,000 according the Cost vs. Value Report from Remodeling Magazine.
It is essential to keep in mind that historically, that if you are upgrading to sell, going with a low to mid-range project will recoup more of your invested dollars than an upscale one. Buyers looking for luxury for themselves might find the extra investment in an upscale revamp to be well worthwhile.
Estimating ROI for a Bathroom Remodel
An excellent way to determine which projects will add value to a home is to consider the potential return on investment for each upgrade made. Excellent ways to maximize ROI is to update fixtures, worn out implements and design a highly functional and aesthetically pleasing space. Here are three of the highest ROI bath remodeling projects to consider that will reap profits 50% or more.
3 Ways to Get More Bang for Your Buck in the Bathroom
There’s no need to gut everything or tackle all elements in the bathroom to increase the value of your home. These three smaller projects are highly desired by buyers and make the home more comfortable for current homeowners.
1. Shower & Tub Upgrades
In master and guest bathrooms, many owners are opting to eliminate the tub and replacing it with a large, walk-in shower with upgraded or multiple shower heads and steam options. Do keep at least one tub such as a soaker, as jetted baths are falling out of favor due to high maintenance and frequent repairs. Both options can yield ROI’s of up to 70 percent.
2. New Vanity and Surface Top
Granite countertops with dual vanities and new fixtures are highly desirable for both current owners and potential buyers. These can be bought for under $1000 on average and offer and ROI of around 75 percent.
3. Flooring Installations
A nice ceramic or tile flooring is a winner, with ROI of around 72% on average. Other options include waterproof vinyl wooden flooring. Homes in cooler climates can also include affordable radiant heating mats beneath bathroom floors for added comfort and value.
To ensure that you make the best choices for your home, don’t hesitate to contact a local bathroom installation and contracting professional who can answer all of your questions.