Bathrooms may make or break a home sale, and purchasers will set a strict minimum for the number of bathrooms they want. But how does remodeling a bathroom boost a home's value? In 2022, a bathroom redesign might boost a home's value by up to 60% of the renovation cost. When you sell your home after a remodel, you can potentially return up to 70% of your expenses.
Remodeling a bathroom is one of the higher-return projects you can perform, though it won't always pay for itself when you sell the house. Anecdotally, a brand-new bathroom encourages offers on your home. Renovations to bathroom may enable you to increase the value of your home by 15% to 40%, with an average increase of 25%.
The typical price of remodeling a bathroom
The price of your bathroom redesign will depend on a number of different factors, including labor expenses, the materials and schedule, as well as the scope of the work. The average cost of a mid-range bathroom remodel is around $20,000, while a high-end remodel costs around $80,000.
Customers' most anticipated remodeling projects for 2021 was bathroom remodel and the average cost was $15,000.
This figure could change, though, depending on current supply chain challenges. However, keep in mind that there are less expensive ways to modernize your bathroom, such as repainting the walls, replacing the fixtures, adding crown molding, putting in chic shelving, and recaulking the tiles and bathtub.
Furthermore, remodeling smaller bathrooms will typically be less expensive than remodeling bigger ones. The most important aspects of a bathroom redesign that can raise a home's value are replacing outdated items, modernizing fixtures, and making the area more useful.
The fun part of bathroom remodeling
According to the National Association of Realtors® 2022 "Remodeling Impact Report," 61% of homeowners reported feeling more at home after remodeling their bathroom, and 73% reported wanting to be there more.
A new bathroom addition scored 8.2 out of 10, while a bathroom makeover received a 9.6 out of 10. The higher the number, the more satisfied a person is with a project they've completed in their house, according to Joy Scores.
The emotional value of a bathroom redesign for homeowners is increased in this way. According to the survey, building a new bathroom adds 63% more value to a home than renovating an existing one, which returns about 71% of its cost.
The best return on your investment will come from Vanity and Flooring.
The flooring replacement will make the most difference in the overall aesthetic of your bathroom. Cheap porcelain or ceramic tiles, or even vinyl, can be designed to mimic traditional wood or stone while remaining totally waterproof and resistant to any amount of moisture. You can also add radiant-heat mats to the floor of your bathroom. This may be a feature that buyers in colder areas like.
We believe that this is one of the best projects to complete for the most return on investment when remodeling a bathroom to increase the value of a home. However, it can cost a little more than the others. C hanging the vanity typically entails replacing the sink, faucet, and countertops, all of which can be very expensive.
Pay special attention to your material expenses because most homeowners like vanities with granite countertops that are at a comfortable height.
The current fashion is to remove the bathtub and build a bigger, walk-in shower, especially in the main bathroom. Both "statement showers" and doorless showers are popular right now. If there is room, soaking tubs are still a good alternative, but whirlpool jet bathtubs are becoming less popular and may not assist a bathroom makeover raise the value of a home.
How to reduce costs while remodeling
Choose the appropriate materials for your bathroom renovation. The materials you choose, the products being installed, and the amount of labor needed for any installations will all affect how much your bathroom will cost.
Different goods that can offer you a fantastic look at a much reduced cost can be fitted. Compare prices. Avoid buying really inexpensive items, but keep costs down by choosing more affordable, reputable brands.
Changing out faucets and fixtures, repainting any vinyl floors, painting the walls, removing and replacing glass shower doors, replacing the toilet, brightening the grout, reviving the caulk, installing a peel-and-stick backsplash, and replacing any water-damaged baseboards are some tasks that you might want to DIY if the bathroom is in reasonably good condition.
How to maximize the financial impact of your bathroom renovation
Overall, even though you can't count on making back every dollar you spend on a bathroom makeover at resale, a clean, renovated bathroom will attract buyers, probably raise the value of your house, and make you happy while you live in the space as a homeowner.