Picture a stall where the owner has customized the place completely. Not to mention added some balloons that lead to the stall and even given a thought to the color combinations. Now this stall has already garnered the attention of everyone. They’ve even beat the other stalls that have great products but unfortunately didn’t present themselves well enough.
This is the same concept that works when you try to sell a house. The more presentable the rooms are kept, the higher your chances of selling it. Among other rooms, you should consider redoing your bathroom space since it’s proven to boost home value.
But let’s look at specifics, like by how much does a bathroom renovation increase home value and how much you can expect to spend on it?
By How Much Does A Bathroom Renovation Increase Home Value?
To find the answer to this question, we turned to study data from the ‘National Association of the Remodeling Industry’ (NARI) since they looked at this doubt from a much wider angle. It’s also always best to turn to associations that analyze home projects from a larger perspective so that we get a holistic view of things.
We picked this organization since they conducted a study recently in the year 2019, so the results are not extremely outdated. The report dives into understanding the success rate of remodeling projects (Now this is exactly what we want to know). NARI asked realtors to respond and rank interior home projects in order of importance and according to how much sale value they bring to the house. The ones that topped the list are:
- Complete Renovation Of Kitchen Space
- Kitchen Upgrade
- HVAC Replacement
- Rework Wood Flooring
- Renovation Of Bathroom
The fact that realtors particularly gave importance to bathroom renovation in the top 5 proves that this room needs attention to increase the sale value. Do note that this data is pulled out of the 2019 ‘Remodeling Impact Report’, this is the latest report available by NARI. If you’re curious about the remodeling projects that ranked the lowest in the list, they are:
- Closet Renovation
- Insulation Upgrade
- Attic Conversion To Living Area
So, you should practically pay less attention to these 3 areas in comparison to other areas of the house that might need work. Now let’s look at some statistics to have our case in point before we move on to see how much you can expect to spend on your bathroom remodeling project.
Yes, it’s time to review the final results derived from this study to understand whether to renovate the bathroom or not (Almost like the same dilemma Hamlet had, to be or not to be?). We’ve broken the results into two parts.
Bathroom Remodeling – Analysis of Costs And Recovery For The Project
On a whole, you can typically expect to recover 57% of the costs you invest into remodeling your bathroom. To give you perspective, see the below example extracted from the study by NARI.
- Estimated cost for remodeling your bathroom could be – $35,000
- Realtors believe that you would approximately recover – $20,000
Key Result – This case ultimately proves that you’d probably recover 57% of the costs in the best case scenario.
Similar to this study, a more recent 2020 report of ‘Cost Versus Value Report’ by Remodelling Magazine also states that,
- Estimated cost for an upscale remodeling of your bathroom could be – $67,106
- Remodelling Magazine believes that you would approximately recover – $37,995
Key Result – So, once again that’s a 56.6% of the cost that’s recouped.
Another interesting fact is that Realtors from the NARI state that 33% of sellers work on renovating their bathrooms before selling. Similarly, 4% realtors vouched on the statement that the bathroom renovation project helped close the sale of the house.
Bathroom Remodeling – Customer Satisfaction Result
The NARI report also states that customers are way more happy with the aftermath of renovating because there’s a 35% increase in functionality and livability. So even though you upgrade the bathroom to increase home value, you’re firstly going to be happy that the space is no longer outdated.
Data also points that there’s been a 70% increase in the desire to be home since the renovation project is complete. 80% responded that they felt a sense of accomplishment and 58% experienced a feeling of enjoyment while at home since the project.
So overall, the metric points that homeowners gain a Joy Score of 9.3 on 10 post a bathroom renovation. It’s important to take this into consideration besides the money aspect so that you personally know whether you’d be happy with the decision. Just like homeowners answered this through a questionnaire, you should ask yourself this and gauge how happy you’ll be before breaking down the bathroom.
Our Take On The Results
Now that we’re done and dusted with looking at the data, we’d like to share some additional advice. Even though data points you towards a certain direction, you should ask yourself whether your bathroom needs an upgrade? If things are in a very good shape, you may not need to go ahead and break things down. There’s also always a chance that the individuals buying your house don’t like the design and would prefer remodeling the bathroom to their taste.
You should personally gauge the condition of your bathroom space. It all comes down to being able to judge the value of a renovation to your home along with the perceived value it could possibly bring to a potential customer. Inspect and solve problem areas like:
- Cracked tiles
- Wires jutting out
- Leakage or molds
- No proper ventilation
- Moist spots on any wall
- Damp or stained ceiling
Are things really outdated and look like you’ve been transported to the 80s? Then maybe it’s time to rework on certain things. Don’t worry, we’ll be sharing more tips on areas that should be revamped while upgrading your bathroom space. But first let’s talk about cost! Simply because if a renovation project won’t fall in your budget, then there’s no use understanding how to refurbish the place.
How Much Will It Cost You To Get Your Bathroom Remodeled?
There’s a lot of variables at play when it comes to determining the cost of remodeling a bathroom.
It ultimately depends on how much work there is to do. That’s why we’re going to look at levels like how there’s standard, secondary and then a premium upgrade. Here’s breakdown of it:
- A mid-range budget bathroom remodel would cost you $20,000 to $22,000
- A premium upscale bathroom remodel would cost you $65,000 to $67,000
- Standard job on a master bathroom remodel would cost you $30,000 and upwards
- Standard job on a typical bathroom remodel would cost you $6,500 to $15,500
If this is a DIY project, you’ll practically save a lot of money on the labour so this brings down costs to approximately $4000 to $8000.
Tips And Tricks To Remodel Your Bathroom
1. Carve Out A Design And Theme
Before you start tearing the bathroom space down, it’s ideally best to preplan the colors and a theme that you’ll stick to. Take a neutral color so the room looks clean and neat. Write down the plan you have from your headspace into paper so you can explain it to a contractor.
Understand where the electrical wirings and pipes are located so you’re mindful about these spots when the work actually begins.
2. Replace Fixtures
Putting new fixtures can give your bathroom a complete makeover and this is one step that should be taken up while renovating the space. Do your best to pick fixtures that match the decor of the bathroom. You can pick these up from a home improvement store or even order them online. There’s so many different styles of faucets and shower heads for different budgets in the market that you’ll be spoiled with choice.
3. Install Vanity For Storage
Just like no one likes to see a cluttered kitchen countertop, people that walk-in to see your home would prefer not to look at a crowded sink area. A vanity or storage cabinets to hide cleaning supplies and pipes will make your bathroom look neat as a button.
4. Paint The Walls
Pistachio, creamy white, light blue or soft grey are some great colors to pick for your bathroom walls. If you feel painting the walls is a time consuming task, consider hiring a professional so the end result is neat. Once again, pick a color that is in sync with the theme you’ve selected for your bathroom.
5. Deep Clean The Space
Take out all the cleaning supplies you have and scrub away all the stains or things that make the space look shabby. You’ll be surprised how clean a mirror can get just with a little liquid and newspaper. If you’re on a budget, we highly recommend cleaning the cabinets, painting them and making them look new instead of buying new stuff.
6. Add Some Artwork
Just to jazz things up a bit you could also add some minimalist painting or a funny wall hanging. You can also place some small pots with plants in them if you feel it is in line with the theme you picked. Add some shelves if needed to place the pots. A trip to Ikea or Bed, Bath and Beyond could inspire you for the decor.
These are small ways you can make your bathroom space more appealing to the eye to visitors and potential customers. If you’re not on a tight budget, we’d also like to share some upscale renovation tasks that give you a high ROI.
Here is short compilation of bathroom renovations that somewhat have a higher return on investment (ROI)
- Redoing the bathroom floors with porcelain or ceramic tiles.
- Installing a new toilet
- Better light fixtures
What Else Should You Fix In Your House To Increase Home Value?
Upgrade The Kitchen
An up-to-date kitchen will help you sell your house much faster. Real estate agents will probably always advise you to change the kitchen countertops and flooring to make it appealing. You won’t necessarily get back the exact you spent to remodel the kitchen but your house would sell for much more. Go for a neat and aesthetically pleasing look so that you create a good impression on potential buyers.
Get Wood Flooring
Hardwood floors can increase the chances of the house getting sold by 3% to 5%. When you have carpets on the floor that are old or have stains on them, the appearance of the place is brought down. This is why it’s important to install some hardwood flooring, it opens up the space and also makes the house look chic.
Replace the HVAC
We only recommend getting a new heating, ventilation, and air conditioning system (HVAC) when your target is to get an upscale customer. A new system helps bring down bill costs by nearly 20%, you would honestly be saving the new homeowner from burning a huge hole in their pocket. But keep in mind that installing a new HVAC will be expensive, it could be hard to recoup costs if this is not well thought out.
Remember that the house’s value can hit the roof after installation but you have to be sure that you’ll find someone to pay for the higher price point post that.
Also See: How To Choose A Color Scheme For Your Home
Which renovations increase home value the most?
A stone veneer pattern at the entryway, a high quality garage door and a revamped kitchen can increase the value of your home. Wood flooring and painting are also standard renovations that should ideally be taken up to increase home value.
What brings down property value?
If you’ve done DIY projects for your home and it can show then the value of your property falls. Generally if the things in the house aren’t presented well enough, an outsider would easily be able to spot the run down state of things and look at it poorly.
Is a bathroom remodel a good investment?
Remodeling your bathroom is a good investment especially if the bathroom is outdated. You would be able to recoup 57% of the investment you make into getting it remodeled. The other perk is that you’ll most probably be much more happier with the functionality of an upgraded bathroom. This makes it money well spent for many.
In conclusion, we’d like to say that it’s best to weigh your finances and see if you’d be able to take up a renovation project. Remodeling your bathroom or other spaces in the house certainly gives that neat and finished look to the place but it can be expensive. Also, think about taking up a renovation project in advance so that you also get to enjoy the perks of upgrading the place and remain happy with the decision.
As for recouping the costs, you’d never go into a complete loss if you give the idea some thought before jumping into it. Overall, we suggest making a decision after only examining the current affair of the bathroom and the prospective costs.
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