When it comes to your home’s value, bathroom renovations are one of the highest ROI (Return On Investment) opportunities.
According to Zillow, data shows that bathroom renovations and remodels can give the one of the biggest potential returns in terms of boosting your home’s resale value. Many homeowners opt to refresh their spaces before listing their home for sale, while others are more interested in creating the perfect place for their needs. Regardless of your goal, there are several things to keep in mind when planning for a remodel.
The Type of Renovation
The first thing to consider is what type of renovation your space will need. Depending on your location, age of the home or reason for the remodel, the updates could vary drastically.
If you’re on a budget or not ready to start knocking down walls, a quick refresh of outdated features is a great way to improve the look, feel and function of your space.
A more robust renovation is typically more time-consuming and costly, but the outcome – for both design and investment – could be worthwhile. Expanding the bathroom, for example, is very common, especially in older homes with smaller rooms. The positive side of a bigger remodel means you can have a better opportunity to create a space that is completely customized to your style and your needs, as well as a bigger ROI.
Remodel for Resale
If you are planning to put your home on the market, it’s best to ask your real estate agent if remodeling your bathroom is a worthwhile task. Depending on the age of your home, the layout and the current market in your area, you may not need to do much. This can include updates such as changing out the hardware and fixtures, painting walls, adding a new mirror, or even changing out an old bathroom vanity with something modern and fresh.
Creating a Custom Space
A major renovation is the best way to create a completely customized bathroom. While the investment is much higher than a simple refresh, it also gives you the opportunity to transform a basic bathroom into the dream oasis you’ve always wanted.
A luxury vanity is a great place to start – from the color to the style, size and features, choosing a high-quality piece of furniture for your bathroom will set the tone for the entire design. Modular vanities are a popular option to fill larger spaces and create the look of custom cabinetry. Many modular options include unique storage layouts and makeup vanity sections, which will instantly elevate the space and create a spa-like feel.
How much ROI can you expect?
While every situation is different, it’s important to understand the market and the need, as well as the design. The amount of money you invest in a remodel vs. the value you create is not the same for everyone.
The average bathroom remodel can potentially present an ROI of around 62%, however, it is entirely dependent on the size, market, features, quality, and design.
A simple, clean and neutral bathroom for resale typically attracts a wider pool of potential buyers, while design-specific spaces usually cater to a smaller crowd. Using higher quality design elements is also attractive to potential buyers.
In the end, it’s safe to say that a bathroom upgrade – regardless of the factors – has the potential to produce a return. If you’re looking to get started on a remodel of your own, be sure to check out our wide range of beautiful, high-quality bathroom vanities.