Jul 12 , 2015
One of the biggest concerns that homeowners have before they take on a major home remodel is how much of their investment can be reclaimed at time of resale. In other words, if you invest money in your home, will you see an increase in home value that helps to make that remodel worth it? After all, any type of remodel or addition to your home can be an expensive and stressful proposition. And while remodeling your current bathroom may increase your enjoyment of the space, unless you plan on staying in your home for 10+ years, you need to think about the remodel in terms of investment as well as personal use.
Typical Costs of Bathroom Remodels
The actual cost of a bathroom remodel or addition can vary tremendously. The size of the room, the type of products you install, and the state you live in can all have an impact on what the final cost will be.
That said, a recent report put together by Houzz shows that on average, most homeowners end up spending around $105 per square foot. So a 100 square foot bathroom will end up costing you $10,500, while a 40 square foot bathroom would run about $4,200. These figures assume that all major areas of the bathroom will be replaced including the vanity, toilet, tub or shower, and flooring. Smaller remodels may cost significantly less per square foot.
Current Return on Investment
According to Remodeling Magazine’s annual Cost vs. Value report, the return on investment in nearly all areas of home improvement is down from last year. While some states are seeing an increase in return, the national average for bathroom remodel returns has dropped for both midrange and upscale projects.
This means that if you were to remodel your bathroom and sell your home this year, you would recoup approximately 70% of your costs for a midrange bathroom and just shy of 60% for an upscale project.
Other Determining Factors
There are some things you can do to help ensure that you’re getting the best return on your investment if you do decide to remodel this year. While midrange bathrooms are getting the biggest returns, it’s the millennials who are driving most remodels and trends right now. This means an increase in both bathroom style and functionality can dramatically affect your return. Many items listed by Remodeling Magazine that are expected in many new bathroom remodels include:
- Installing electric radiant heat flooring or panels
- Heated towel rails or towel warmers installed near the shower
- Glass shower enclosure with recessed niches
- Solid surface or stone counters with integral or undermount sinks
- Matching ceramic tile for floors and walls
It’s these small additions to an otherwise standard bathroom that are helping to elevate not only the amount of return on investment, but also the likelihood of a quicker sale. Many newer and discerning homeowners are beginning to expect things like towel warmers to become standard in bathrooms, rather than being a luxury afforded only by the few.
Invest in Your Home
Remember that even at their highest, returns on bathroom remodels will never completely equal their cost. To make the most of your investment, be sure to include items that will help increase your enjoyment of the room while you live there, and that will appeal to buyers on a comfort level at the same time. By doing so you’ll help ensure that you get the biggest return possible in every conceivable way.
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