Just like a budget for a bathroom upgrade depends on many factors, the value you receive from a bathroom renovation is influenced by a number of different issues. In particular you must consider what your motivation is for updating the bathroom space in your home.
Are you remodeling for your own personal use and if so what is going to give you the greatest pleasure in this new space? In this case, the value gained is emotional rather than monetary, and you must decide what will have the most positive impact on your quality of life. Spend money on the items you love and will appreciate most, whether that is an extra-large shower, a vanity with ample space for two people, or even a unique light fixture.
If you are remodeling to impact resale value, then your goal must be a direct monetary return from your bathroom renovation. An outdated bathroom may be enough to turn off prospective buyers, since this is one of the spaces buyers look for in a new home. How much of your investment are you likely to get back in resale value? In the local region surrounding St. Clair Shores, a mid-range bathroom remodel costs around $24-28k, while an upscale remodel costs around $58k. According to a report compiled by Remodeling Magazine, you can expect to recoup about 56-60% of that cost in the resale value of your home, though some sources would put the figure even higher.
If you have decided that updating your bathroom space will help the resale value of your home, there are several factors to think about.
Before you start remodeling for resale, examine the market in your local area. How much you get back depends in large part on the value of homes in your area, the value of your home, and the quality of your project. While home improvement is always worthwhile, it is not advisable to invest so much that you price yourself out of your neighborhood if you plan to sell.
Number of Bathrooms
Most people expect to see multiple bathrooms when shopping for a home, including a master bath, a hall or family bathroom, and a powder room for guests. If your home is older and only has one or even two bathrooms, consider using your remodeling dollars to add a bathroom before updating an existing room. Adding a second bathroom generally allows you to recoup 80% or more of the remodeling expenses in your resale value. That is a great return on investment!
Make it Move-in Ready
When shopping for a home, people look closely at kitchens and bathrooms. They are the rooms where we spend a considerable amount of time, and they are the most expensive and difficult to renovate. An attractive bathroom design gives prospective homeowners the feeling that they can comfortably move in without undergoing major work first. Yes, make sure structural elements are in shape but also focus on visual items like tiles and fixtures that will grab the attention of prospective homeowners.
Top Ticket Items
Aim for a shower with wow factor, and if there is space include a freestanding tub as a design focal point, like the bathroom designs shown below. Beautiful materials such as a wood vanity cabinet or stone floors or countertops are all good investments, but you may need to pick and choose which expensive items to incorporate in order to stay within your budget. You could limit expensive tiles to a specific tile feature. Or, opt to just update the faucets and keep your existing sink if you are pushing the boundaries of your budget. A few high end details are enough to give the bathroom design the updated look you want to appeal to potential buyers.
All of this goes out the window if you do not plan to sell, since you will want to incorporate as many desired features as your budget will allow to get the maximum impact out of your bathroom remodeling project. Decide why you are remodeling first, then determine what will give you the most value from your renovation. A bathroom design specialist can help you accomplish your remodeling goals.