If you’re a homeowner looking to boost your property value, you probably considered renovating your bathroom at one point or another. However, not all renovations are cost-efficient and it may turn out that you spent more on the renovation than it is truly worth. So, does a bathroom renovation pay when it comes to increasing the value of your house?
Out of all types of home improvements, a bathroom renovation is among the most common ones. Not only that, but according to recent data from 2019, the returns on bathroom renovations are rising, so if you are contemplating whether to proceed with one or not, you might be more inclined to do so, especially if you are planning to sell or rent your property in the near future.
A regular bathroom renovation might cost you anywhere from $15,000, if you’re on a tight budget, up to around $50,000, if you’re thinking of an extensive renovation project. The return at resale usually revolves around 65%, with midscale renovations usually bringing a higher percentage return than more expensive ones. Thus, it might be wiser to spend a bit less on the renovation, since the returns tend to get smaller with increased value.
So, how to proceed with a bathroom renovation to get the best value out of the improvement? The first thing you want to change is the plumbing fixtures - things such as bathtubs, drains, sinks, and showers. Some of these are quite cheap to swap, but can still give the entire bathroom a more compelling appearance. You might also want to think about changing the cabinets and other vanity furniture, especially if they bear marks of use.
Wondering what else can be improved on a budget while still providing a considerable boost to your property’s market price? Simply changing the flooring by laying out new tiles can make your bathroom look much better (as long as you hire experienced tilers), without having to spend thousands upon thousands. On average, the cost of new bathroom flooring is around $3,50 per square foot. If you’re feeling adventurous, why not install some heated floor mats under your tiles?
All in all, it is up to you, the owner, to decide whether a bathroom renovation will be worth the hassle. The returns are quite good, on average, but you have to remember to adequately assess how much you are going to spend on it. Remember that bathrooms are an important factor for your potential customers to consider, so even if you do not get as much of a return when it comes to property value, they might be much more inclined to proceed with the purchase if the bathrooms fit their liking.
Finally, keep in mind that sometimes, pieces of bathroom furniture might not be perfect when bought from the shop directly, in standard sizes and shapes. That’s when bathroom fitters come into play – their help is usually very much worth the expense. We’ve had the pleasure of cooperating with this bathroom fitters in Glasgow company in the past, and we’ve been more than pleased!