It is reasonably common for people who are looking to sell their house to first renovate the bathroom or kitchen in order to boost the sale price. On the other hand, you may not be planning to sell your home, but would like to renovate your bathroom and want to know how this investment will impact on the value of your property.
But does renovating a bathroom actually add value to your property? Let’s take a look.
When a buyer considers potential properties, bathrooms strongly influence their decision. The number of bathrooms, or the condition that they’re in, can literally make or break the sale for many people. This is also generally a criterion that buyers are inflexible about: they may overlook a dingy study or spare bedroom, but the bathroom is an essential room in the house, so they want it to be in great condition.
Renovations can give a return of up to 70% on the sale of your home. When selling your home, it is critical to present it in the best way possible in order to get the best sale price. However, if you have a tired, old bathroom, your property’s presentation will be lacking no matter how much effort you put into the presentation of the rest of your home.
If you’re wondering how much a bathroom renovation increases home value, the exact value will depend on your individual property. However, in many cases, homeowners have found that a bathroom renovation has added thousands of dollars to the value of their homes. Many factors come into play here, such as the current market, the state of your old bathroom and what exactly you include in your renovation.
To maximise the return on your investment (ROI), that is, the increase in your home’s value compared to the amount you will spend on the renovation, you need to take a certain kind of approach to remodelling your bathroom. It is important to focus on items that will give you the best ROI.
Taking certain approaches to your bathroom renovation will help you to maximise the increase in your property’s value. Firstly, it pays to focus on the items that have the most visual impact. When a buyer is viewing a property, they will immediately notice if certain fittings or fixtures are worn or dated, and this can significantly affect the price they are willing to offer for the house.
For this reason, it is important to update old-fashioned, worn or damaged fixtures and fittings in your bathroom. Replacing taps, hooks, basins, and so on with new, modern items can make a huge difference to the visual appearance of the room. Flooring is another area that can display a large degree of wear, so replacing the floor can make a big difference. Similarly, any damaged or broken tiles or other fixtures absolutely must be replaced.
Another key aspect that buyers look for in a bathroom is functional space. If your bathroom has a poorly designed layout that doesn’t make the best use of the space, or makes the bathroom difficult or impossible to use, this will adversely affect the value of your property. Renovating the bathroom to create a useful, easy-to-use room can considerably increase the price buyers are prepared to pay for the house.
When renovating your bathroom with a future sale in mind, it is important to consider your potential buyers. It is essential that your renovations suit your future buyers’ needs and desires in order for the value of your house to be increased.
Do some research into recent sales in your area to get a picture of the market and what your potential buyers may look like. For example, if buyers in your area are generally families with young children, they may look for bathrooms with a bathtub. On the other hand, if you are likely to be selling to young executive couples, they may look for features like a double vanity sink.
If you are looking to renovate your bathroom with the view of selling your house soon, it may be worthwhile consulting with a real estate agent before getting started. They will be able to advise you on trends in your area and provide suggestions about the types of renovations that will be most beneficial. Also, remember that the renovation process can take some time, so be sure to allow adequate time for them to be completed before you put your house on the market.
Renovating your bathroom will not only give you greater enjoyment while you are living in the house, but it will also add value to your property. If you’re interested in renovating your bathroom, get in touch with us for your phone consultation today!