When it comes to reselling, mid-range renovations can recover up to 67.2% of their costs, while luxury renovations can recover up to 60.2%. But how much value does a kitchen remodeling or bathroom remodel add to your home? Smaller renovations may have a better return on investment compared to extensive renovations. Adding a completely new kitchen or bathroom may make more sense for your personal situation, but the return on investment may be only moderate when you decide to sell your home. The kitchen and bathroom are essential parts of any home, but they're often overlooked when it comes to remodeling.
Updating this space or adding a new bathroom is one of the best ways to add value to your home. You want your bathroom to be functional and stylish. A bathroom remodel or extension is a way to improve the saleability of your home or make it more practical for you and your family. The cost-effectiveness you can expect will depend on whether what you are remodeling is your master bathroom or a half bathroom.
While it's important that your bathroom is aesthetically pleasing to buyers, there are also plenty of other functional reasons why buyers like to see recently renovated bathrooms. There are a lot of ideas running through the minds of homeowners who are considering a bathroom remodeling project. Your bathroom remodel may look a lot different than your average project, but these average numbers can give you a general idea of what to expect. If you're planning to sell your home in the near future, you'll likely get a higher return on investment (ROI) on renovations if you hire a licensed and experienced bathroom remodeler near you to complete the work.
According to the Remodeling Value Report, the ROI of a bathroom remodel depends on the upgrades you make. If you have equity in your home, it makes sense to use a home equity loan to pay for a bathroom remodel or extension. Mid-range remodels tend to obtain a slightly higher ROI, recovering about 67% of the cost of the remodeling, while high-end remodels get an average of just over 60% return on sale. If you're remodeling your bathroom to increase the value of your home, it's important to compare your space with that of other homes on the market and use it as a reference point.
The report also estimates that bathroom renovations recover approximately 71% of their value-added costs to the home, while adding a new bathroom recovers 63% of their cost. Experienced contractors suggest that when approaching bathroom remodeling with ROI in mind, it's important to consider how dated the house is and how much plumbing or electrical work is required. That's not to say that granite countertops and steam showers don't pay off; kitchen and bathroom remodels are still two of the best investments you can make in your home. The average cost of a new bathroom remodel can vary widely depending on how old the house is and how much plumbing or electrical work is required.
When it comes down to it, investing in a bathroom remodel can be one of the most effective ways to increase the value of your home and make it more attractive for potential buyers.