What to Expect from a Bathroom Remodel’s Average ROI
Remodeling your bathroom can be an excellent investment in terms of both the value of your home and your enjoyment of the space. According to Remodeling magazine’s 2021 Cost vs. Value report, the average ROI (return on investment) for a bathroom remodel is 70% for mid-range projects and 60% for upscale renovations. This means that if you spend $10,000 on a new bathroom, you can expect a $7,000 (mid-range) to $6,000 increase in the value of your home (upscale).
In 2021, 71% of American homeowners completed home renovations, with 45% renovating their bathrooms. This indicates that one of the most popular home improvement projects is bathroom remodeling. It’s no surprise because a well-designed bathroom can be extremely enjoyable to use while also adding significant value to your home.
So, if you’re considering remodeling your bathroom, keep in mind that it could be a very worthwhile investment.
Factors That Can Affect the ROI of Your Bathroom
A variety of factors can influence the ROI of a bathroom remodel. The most important factor is the material and workmanship quality. A well-planned and executed bathroom remodel will outperform a poorly executed one.
The size of the bathroom is also an important consideration. Because there is less space to work with and thus fewer opportunities for improvement, a small bathroom will have a lower ROI than a larger one.
The location of the bathroom also influences its ROI. A bathroom in a high-traffic area of the house, such as the living room or kitchen, will have a higher ROI than one in a less-used area, such as an upstairs bedroom. This is because potential buyers will be more impressed by a well-appointed bathroom that is easy to see and use, rather than one that requires them to go out of their way to find.
Finally, the age of the home may have an impact on the ROI of a bathroom remodel. Because an older home has a lower resale value than a newer one, any improvements made to it will yield proportionately lower returns. However, if an older home is updated with modern conveniences, it can still be a good buy.
How to Get the Most Out of Your Bathroom Remodel Investment
Assuming you have no plans to relocate anytime soon, the best way to maximize your investment in a bathroom remodel is to make decisions that will appeal to future homebuyers.
While you may adore that bright pink tile, it is unlikely to be a selling point for most people. Stick to simple, clean designs in neutral tones. You can always add personal touches with easily interchangeable accessories.
Functionality is also important when considering a bathroom remodel. Choose materials that are easy to clean and maintain, and make sure there’s sufficient storage for all of your needs. If you have the space, consider adding a double vanity or extra storage shelves.
When remodeling your bathroom, these simple tips will help you get the most bang for your buck.