If you’re looking at a bathroom remodel, one of the first questions you should ask is whether it’s a good investment for your home. In other words, will you be able to recoup a significant portion of your investment?
Even if you’re planning to limit your expenses by getting the job done on a budget, you should look at your possible return on investment (or ROI). When it comes to home renovation, the bathroom is a great place to start. Not only is it an easier room to make over, it’s also a great investment.
Remodeling Online looked at home resale data for 2017 and determined that, as in years past, bathroom remodel jobs continue to be among the best investments you can make in your home. In fact, you can recoup about seventy cents for every dollar you spend.
And HGTV says that bathrooms are one of the main areas new buyers will look at first, although of course more fundamental maintenance issues should always be taken care of first — e.g., repairing a leaky roof or updating worn-out siding.
The exact amount you’ll earn back on your bathroom renovation investment depends on a number of factors, of course. Those factors include things like the value of your home, the average value of similar homes in your area, how well the job is done, and the extent of the work.
For example, Home Advisor reports that the average cost of a bathroom remodeling job can range anywhere from $2,600 to $20,000. If your budget is tight, you can stretch those dollars by focusing on renovating the essentials in a small or mid-sized bathroom. Assuming the work is high quality, you’ll enjoy a dramatic upgrade for the investment.
You don’t have to go crazy with a complete overhaul. Instead, extend the impact of your budget by installing updated fixtures and re-grouting your shower. Adding crown molding to any bathroom is another great way to make a big splash with a shoestring budget.
To maximize your investment, go for high-impact, low-cost changes. Exchange a boxy sink and vanity for a slimmer pedestal style to open up the space and streamline the look. In a master bath, you could replace a single sink with a double one, as many buyers will be looking for that feature. In smaller rooms, though, do the reverse – change out a double one for a single to expand the space.
As for the eternal paint or wallpaper debate, your safest bet for a maximized ROI is to skip the paper, which can look dated very quickly and runs the risk of turning off homebuyers who really aren’t into scraping it off. Instead, go for a clean, fresh coat of paint in a neutral color scheme.
Individual components are available at a huge range of price points. Toilets are generally the least expensive items, about $200 on the low end up to $800.
But for just about every other item up for consideration in a bathroom remodel, the average price range is far greater. Sinks, for example, can cost as little as $200 or as much as $6,500 or more.
You can use Home Advisor’s estimate tool to get an idea of how much your own bathroom job will cost.
How do you get started? One way is to allow yourself to dream big. Create a mood board using online images and Pinterest or a similar app to collect and organize the elements of your dream bathroom. Then you can look for more ways to achieve the same look and feel. Once this is all set, you’re ready to decide on financing options.
