For most homeowners, there are two main reasons why bathroom renovations are worthwhile. The first is lifestyle and enjoyment. People find that a fresh, modern, renovated bathroom enhances their quality of life at home and better meets their family needs on a day-to-day basis.
The second reason is market value. Potential buyers pay close attention to the design, features and condition of the bathrooms in a home, and national statistics show that investing in a bathrooms is one of the safest home improvement bets out there.
But how much will your home’s value increase, and what factors will play a part in determining that number? In order to get closer to the answer, consider the following four bullet points.
What’s my home’s current value, and what’s the average value in my neighborhood?
If market value is one of your main reasons for renovating a bathroom, the current state of your local housing market will play a role in determining how renovations will affect that value. You’ll want a fairly specific idea of what your home is currently worth; and if any homes have sold recently in your area, it helps to know the sales figures.
Recent statistics suggest that bathroom renovations typically net a 62% return ($1.62 in added market value for every dollar spent on renovation). This figure may climb even higher if your current market value is slightly below the average value in your area.
Are the designs highly unique and specialized, or do they have broad appeal?
Many homeowners want to express their individuality through bathroom renovation projects. The results may be better suited to your needs, lifestyle and tastes—however, bathroom renovations that add the most value are typically those with broad appeal. Renovations that are exceptionally unique or unusual may add significant value in many cases, but the value may not increase as much as it would have with a more mainstream design.
How reputable is my contractor?
Want to maximize your market value gains? Finding an exceptional contractor is one of the most important steps you can take. You might have a beautiful design that suits your home perfectly—but if the execution is poor, your gains in value will be lower.
When you work with a professional bathroom renovator who is experienced, licensed and accredited, you’re working with someone whose results and past clients speak for themselves. Make sure to research contractors thoroughly, and choose one with an excellent record of service and client satisfaction. Online galleries, as well as personal visits to showrooms and/or the finished projects of past clients, can be very helpful in making the best choice.
If I’m doing the work myself, what are my capabilities?
There is a big difference between a bathroom renovation that is finished to a high professional standard and one that is full of mistakes and inconsistencies. If you’re thinking of adding value to your home with a DIY bathroom renovation, it’s crucial to make sure you’re sufficiently skilled and equipped to handle the project at hand. Otherwise you could end up with more than you bargained for—and your increase in value could turn out much lower than you expected.
Maximizing your bathroom renovation dollars
Navigate your way to a successful bathroom renovation project—and a maximized return on your investment—by following these guidelines and conducting your own research. Homeowners who plan carefully, avoid common pitfalls, and maintain realistic expectations are statistically likely to be highly satisfied with the final results.
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