A bathroom is an essential part of any home, but one that is often overlooked. Updating this space or adding a new bathroom is one of the best ways to add value to your home. You want your bathroom to be both functional and stylish. A bathroom remodels, or addition is one way to improve the salability of your home or make it more practical for you and your family.
Any time a homeowner is considering a home renovation, it’s generally for either one or both of the standard reasons: they want to enjoy their space more, and they want to add on more value to their property. But not all renovations add value equally, and in fact, some add a lot less than you might think. How about a bathroom renovation then—it is going to increase the value of your home, or is it purely for aesthetics?
A bathroom renovation is the most popular of all home improvements, according to the National Association of Realtors (NAR) 2019 Remodeling Impact Report. And based off of data from Remodeling magazine’s most recent Cost vs. Value report, returns on both midrange and upscale bathroom renovations are, for the most part, going up. That’s good news if you’re considering undertaking a bathroom remodel, particularly if you think that you might want to sell your home soon.
Before you pick up the hammer though (or pick up the phone to call a handyman), here’s what you need to know about how much a bathroom renovation increases home value, as well as how you can maximise your profits on a bathroom remodel.
At Hitch Property Constructions, we offer a wide range of bathroom renovation Melbourne.
Turn-Key Bathroom Renovations
Despite how frequent bathrooms are used daily, in many cases, the bathroom is the most overlooked room in the home.
Most homeowners don’t think about bathrooms until a leak happens or when something stops working. For a space that is used so often, it’s no surprise that parts will need to be fixed down the road.
The costs to fix, remodel or renovate a bathroom in Calgary can easily range from $2k to $20k, depending on the scope of your bathroom project. The costs may be alarming to some, but it’s important to keep in mind just how valuable a bathroom truly is.
Having a bathroom in your home is a necessity. Keeping your bathroom clean and up-to-date is a choice.
There are several reasons to undergo a bathroom renovation project. Whatever the case may be, the costs of a bathroom renovation are worth it. Let’s explore why.
Whether you are using your bathroom or the company you have over for dinner, you want to create an environment that is comfortable, clean, and relaxing.
You may have all the right pieces in your home, but if your bathroom isn’t up to par with the rest of the rooms, it can damper the overall experience.
Your bathroom reflects who you are. As silly as that may sound, people often judge bathrooms without even knowing it. If your bathroom is outdated and grimy, it will surely leave a lasting impression that can make visitors think twice before coming to your home again.
Remodelling or renovating your bathroom is a sign of cleanliness, and it sends a message without having to say anything.
The last thing you need to be embarrassed about is your bathroom. Our development experts at Turn Key Renovations can design a bathroom you can’t wait to show off to your guests at your next house gathering.
Increase Your Home Value
If your guests aren’t feeling your bathroom, what makes you think potential homebuyers will?
A bathroom is in the top 3 of the most important rooms in the home in terms of valuation.
Adding or renovating a full bathroom into your home will increase the market value of your home significantly. To increase the market value or your home successfully, it’s important to understand who your potential buyer will be and what they will be looking for.
Bathroom designs and layouts have come a long way. Because of this, many homebuyers have changed their expectations when looking for a home. If your bathroom hasn’t been repaired or updated in many years, it’s time to make some adjustments to appeal to the potential buyer. Remodelling or renovating your bathroom may be the final selling point for potential homebuyers.
Typically, older homes lack in the number of bathrooms available. Even if you aren’t in need of renovating your existing bathroom, it may be better to explore adding a second bathroom. Many homebuyers are looking for a home with multiple bathrooms, one they can use for a powder room and a master bathroom, for example.
Our development team at Turn Key Renovations can breakdown the different options and updates that modern homebuyers are looking for today. At Turn Key Renovations, we want you to get the most value out of your investments.
From the design, planning, supply and installation, a full bathroom renovation cost can range from 10k to 20k. This may seem like a lot at first, but if you consider everything from concept to completion, there is a lot of work put into a bathroom renovation.
The investments and hard work put into a bathroom renovation don’t go unnoticed. In the end, you gain a higher return on investment when you remodel or renovate your bathroom.
Bathroom and kitchen renovations have remained on the top of the list for two of the best investments you can make in your home, often returning more than 100% of the renovation costs.
A bathroom is one of the spaces in a home where it’s evident if money was spent in there or not. It is the second most utilised space in the home. Therefore the money spent is worth it.
Our development contractors will be happy to breakdown the costs for you to see exactly where your investments are going.
You shouldn’t have to compromise on your bathroom space. Not only should it be functional, but it should also be a space where you and your family enjoy spending their time in. Making an effort to renovate or remodel your bathroom extends to your guests and potential home buyers.
The costs of a bathroom renovation can be steep, depending on the work that is needed, but it pays off in the end. Not only will a renovated bathroom add value to your home for potential buyers, but you will also receive a greater return for your investment.
If you are exploring your options on improvements, you want to make in your home, renovating or adding a bathroom may be a good place to start.
How a Bathroom Remodel Can Increase Your Home Value
Looking for bathroom renovation? Look no further. Hitch Property Constructions has you covered.
Updating an Existing Bathroom
An outdated bathroom can typically be easily remodelled within the parameters of the current space. To determine what needs to be done, first consider the practical aspects of remodelling your bathroom. Make sure everything works correctly, with no leaks or damaged areas. If there are any issues, these must be addressed before focusing on cosmetic changes. Plumbing, structural and electrical upgrades can be costly repairs, so being aware of these issues upfront is important. The good news is that if you find a problem and repair it, you will significantly increase the value of your home.
Decide if you need a new layout, more room or just an update to the current design. This will help you determine your costs and budget. If you have basic carpentry skills, you can probably handle the small changes on your own. When it comes to tearing out walls or moving existing plumbing, you will likely need to hire a contractor and plumber.
The average cost of a new bathroom can vary widely, depending on the age of the home and how much plumbing or electrical work is required. Changing fixtures and adding a backsplash is much less costly than replacing everything, but you can expect to spend at least $3,000 to $12,000 on a basic remodel. The average is just under $18,000, according to a report by Remodeling Magazine, but you may get about 66% of that cost back in the resale value of your home. For an upscale remodel, it’ll cost around $57,000, according to the same report, but you’ll recoup around 58% of the cost in resale value.
Where can you see the biggest ROI? New tile, an updated cabinet or fixtures and brighter, more natural lighting will appeal to buyers. Usability and adding a touch of luxury are other factors to consider with remodels that include the following:
- Adding a Jacuzzi tub or steam shower in the master bath
- Installing heated floors
- Adding a double sink
- Installing a shower seat
- Adding storage
When choosing colours, stick with neutrals to allow the buyers to imagine themselves in the bathroom. The design should also be cohesive to the rest of the house. Avoid trendy materials and designs, which can look dated in just a few years.
Increasing the size of your bathroom, or at least making the room look bigger, is a great way to add value. Replacing a tub with a glass shower gives the appearance of more room. Installing brighter light fixtures or adding wall sconces around the mirror is another way to make the room feel larger.
Adding a New Bathroom
If you have unused space and not enough bathrooms, you may want to add a second or even third bathroom to your home. This is a fairly complex project that will require a general contractor and several specialised experts. However, an extra bathroom may add value to your home and help it sell in the future. According to HGTV, the typical buyer is looking for a master bath, family bath and half bathroom for guests.
To determine if this is feasible, you should choose what kind of bathroom you want to add and hire an appraiser to give you an estimate of how much value it will add to your home. If you don’t want to pay for an appraisal, you can ask a Realtor to compare your home’s value to others in the neighbourhood. If your planned changes take your home above the average neighbourhood value, you may want to scale back.
If you have equity in your home, using a home equity loan to pay for a bathroom remodel or addition makes sense. With the favourable ROI of this type of project, a home equity loan is a good financing vehicle, with many benefits.
Small scale improvements
Of course, there are some easy ways to renovate your bathroom without having to plough too much money into it. “Don’t aim to win any design awards with your renovation project; selling it for a profit is all you’re after,” recommends Cherie Barber of Lifestyle.com. Barber suggests choosing fixtures and fittings that don’t blow the budget to create a look that could appeal to any buyer.
With that in mind, before commencing any major bathroom renovations, consider the below to see if you can add value to your home without knocking down any walls.
Use your space
Would that second sink make all the difference, or would storage space be the icing on the cake? Look at what your bathroom already has, and then work out what it is missing. Again, keeping your likely buyer in mind will help.
Well installed fixtures and fittings
No buyer is going to be attracted to leaky watermarks on the toilet or walls. Make sure your fixtures are properly installed and sealed so your buyer can’t be put off.
New bathroom accessories
It’s not just about whether your fixtures and fittings are installed correctly. A well-functioning bathroom still isn’t going to attract buyers if it was last century. Consider updating the easily detachable parts of your bathroom such as taps, the showerhead and shower screen. A lick of paint and new tile designs are also quick and easy ways to modernise your bathroom.
Get the right lighting.
Plenty of light is essential for a bathroom, but so is a warm and cosy glow. Check your lighting and see what you can change to make your bathroom appeal to your type of buyer.
Fix existing problems
Renovating or not, if you are considering selling your home and you have an underlying issue in your bathrooms such as water damaged floorboards or damp, no amount of renovation will hide these problems from a property inspector. Knowing there is a problem that needs fixing will put off buyers or encourage them to make a low offer, regardless of how pretty your newly renovated bathroom now looks.
How to keep costs low during your remodel
Find the right materials for your bathroom remodel
Your bathroom costs will vary based on the materials, not just because of the type of product being installed, but also the labour put into the installation. A steam shower and heated tile floor, for example, will be substantially more expensive on both fronts than a standard walk-in shower and laminate floors.
The cost of materials will vary whether you’re going with an expensive European brand or a generic American brand. There are different materials, too. Luxury tiles or flooring can be much more expensive to install than a laminate floor, but it’s going to give you almost the same look. Different products can be installed that can give you a phenomenal look at a much lower cost. Shop around. Don’t go with the super cheap stuff, but keep the cost down by going with cheaper, reliable brands.
DIY the design, rather than pay upfront fees
To save on costs, it’ll help to go into the remodelling process, knowing exactly what you want.
Some contractors will charge a fee to design the bathroom for you, but if you go the more DIY route and pick out materials yourself, you could save a bundle.
Shafer recommends that if the bathroom is in nice shape with a retro ‘50s or ‘60s feel to it, leave it and replace minor things, like vanity hardware or paint colours. New homeowners are gravitating toward the retro style. For paint colours, she suggests the whole spectrum of subtle greys, like a sage green with grey tones, or just a solid light grey.
A bathroom needs to look sharp.
It needs to be up to date. As far as how to finish it, you don’t need to do much in order to get your money back. People want things clean and neat. They don’t want overly ornate fixtures or mirrors, just nice clean lines. Don’t wallpaper the room. Just keep it neutral, neat, and clean.”
Hire the best contractor for the job
One of the most effective cost-savings measures is to vet potential contractors. Don’t pick one out of a hat and go with them for no real reason.
This is especially important in light of the reality that contract work is only getting more expensive.
Reach out to a couple of people to get a better understanding of different companies, what they can offer, and how they work. When looking at an individual contractor or company, take a look at the knowledge and expertise of that company. Take a look at what the company can offer. It’s not always the same.”
Check out our range of Melbourne bathroom renovation here.
What you need to think about
When deciding whether or not to renovate your bathroom and exactly how your bathroom remodelling is going to take shape, you need to be sure there will be a return on investment. A new bathroom can be an expensive renovation to undertake. Assessing other homes in the area and comparing what they offer a future buyer is a key part of your decision making. You need to make sure you can compete in your market.
It’s also worth considering what kind of buyer you are likely to attract. For example, if you are selling a large family home, it is likely your buyers are going to have young children or be thinking of having children in the near future. As a result, they may want a bath for the children and a walk-in shower for the adults. Either you need a bathroom design which incorporates both a shower and a bath, or you need to consider the possibility of a master bathroom alongside a second small bathroom. If your buyers are likely to be a professional couple, a double sink might be just the feature they are looking for so that they can both get ready for work at the same time.
Finally, don’t forget to ask around for good recommendations when it comes to hiring a plumber or fitter for any major work you do decide to undertake. A bad plumbing job or a poorly fitted bathroom can instantly put pay to any increase in value.
Regardless of whether you decide to update a current bathroom or add an extra room, value is just one factor to consider. A new or upgraded bathroom should enhance your life in your home and help your home sell when it is time to move on.