How much does a bathroom remodel increase home value 2022?
Best Bathroom Remodels for the Best Return on Investment
Bathroom remodels are costly, but they are also one of the best ways to increase the value of your home in a relatively short period of time. In this article, we’ll look at how much a bathroom remodel increases home value and discuss the various factors that go into selecting the best design for your needs.
RenoFi’s Renovation Index
There are few home improvement projects that provide a better return on investment (ROI) than a bathroom remodel.
A bathroom remodel not only increases the value of your home, but it can also improve your quality of life. Who doesn’t enjoy a luxurious, spa-like bathroom?
What is the average return on investment for a home?
According to Remodeling magazine’s 2019 Cost vs. Value report, the average ROI for a home is around 20%. That means that if you spend $10,000 remodeling your bathroom, you can expect to recoup $8,000 when you sell your home. Of course, this is only an average; your actual ROI will be determined by a variety of factors, including the value of your home, the housing market in your area, the quality of your remodel, and others.
Still, if you’re looking for a remodeling project with a high return on investment, bathroom remodels are a great choice. And there are a few things you can do to maximize your ROI. To begin, concentrate on projects that will appeal to buyers in your price range. Second, don’t go overboard with luxury items or high-end finishes—they’ll be nice to have while you live in your house, but they won’t add much to its value. Third, ensure that any changes you make comply with code requirements and adhere to good design principles, so you can be confident that your investment will pay off when it comes time to sell.
How Much Does It Cost to Remodel a Bathroom?
The average bathroom renovation costs around $10,000. However, depending on the size and scope of your project, the cost can vary greatly. If you only want to update your fixtures and finishes, you can expect to spend much less than if you plan a total gut job.
The good news is that even minor bathroom renovations can have a significant impact on the value of your home. In fact, a minor bathroom remodel has an average return on investment (ROI) of 62%, according to Remodeling magazine’s 2019 Cost vs. Value report. That means that for every $1 spent on a bathroom remodel, you can expect a $0.62 increase in the value of your home.
The ROI will be even higher if you plan a more extensive bathroom remodel. According to the same report, a mid-range bathroom remodel has a 54% ROI, while an upscale bathroom remodel has a 50% ROI.
Of course, if you don’t intend to sell your home anytime soon, the monetary return on your investment may be less important than the personal satisfaction you’ll derive from having a beautiful new bathroom. However, it is still worthwhile to consider how much value your bathroom remodel will add to your home in the long run.