How Much Does a Bathroom Remodel Increase the Value of Your Home?
A lot of people ask us, “How much does a bathroom remodel increase the value of a home?” The answer to that question depends on a variety of factors, including the scope of the project, the quality of the materials used, and the current state of the housing market.
In general, you can expect to recoup between 56% and 64% of your investment when you sell your home. For example, if you spend $20,000 on a mid range bathroom remodel, you can expect to see an increase in your home’s value of $13,688. If you spend $75,000 on an upscale bathroom remodel, you can expect to see an increase in your home’s value of $37,995.
Of course, it’s important to keep in mind that these are just averages. The actual amount your home goes up in value will also depend on the current state of the housing market and your specific location.
Factors That Affect Your ROI
There are several factors that will affect your return on investment (ROI) when you remodel your bathroom. These include:
–The scope of the project: A minor update (like painting walls and replacing fixtures) will have a lower ROI than a major overhaul (like gutting the room and starting from scratch).
–The quality of the materials used: Using high-end materials will obviously cost more upfront, but they’ll also last longer and improve your home’s curb appeal, which could make it easier to sell down the road.
–The current state of the housing market: If there are lots of buyers competing for homes in your area, you’re likely to see a higher ROI than if there are few buyers interested in purchasing property.
–Your specific location: Homes in certain parts of the country or certain neighborhoods tend to appreciate (or depreciate) at different rates than others.
–The condition of your home: If your home is in need of other repairs or updates (like a new roof), potential buyers may be willing to pay less for it than if it was move-in ready.
–Your personal circumstances: If you’re selling due to a job transfer or another time-sensitive reason, you may have to accept a lower offer than if you were able to wait for the perfect buyer.
So if you’re thinking about remodeling your bathroom, be sure to put some thought into its design and be mindful of choosing quality materials to get the most out of your investment