Renovations for the home are really common today. Sometimes changes are needed to fit a growing family, while older homes need work to be up-to-date and functional. While renovation costs can become burdensome, did you know that not renovating could cost you more?
Many real estate experts speculate that the bathroom is one of the most important factors determining the resale value of your home and one of the top concerns of potential homebuyers. Bathrooms can positively affect the value of the house by their luxurious features.
While every bathroom has a sink and bath tub and toilet, not all of them have whirlpool tubs, recessed lighting or extravagant features such as heated tile.
While the bathroom can be the most influential factor in a prospective homebuyer’s decision, unfortunately in used homes it is often a negative factor. The bathroom is one of the rooms that is hidden and can be closed off by a door, and unlike the living room or kitchen it is not visible and can often be ignored and not renovated until it is very out of date. The fact that bathroom renovations also tend to be expensive can influence a purchaser’s decision to pass or buy a home.
Bathroom renovations do not have to always cost a lot of money. Simple renovations still have a high return on investment. A coat of paint or removing that rust pink wallpaper can have a really great impact on the overall appearance of the bathroom. If there is seventies-era inspired avocado colored tile in your bathroom there is still hope as some companies specialize in painting tile. A change in color to white, black, or neutral is something that is more modern and will stay up to date longer. Changing light fixtures can also improve and modernize the bathroom, and can even be an energy efficient way to save money in the long run. If your bathroom simply needs a quick update try replacing bathroom towels or simple bathroom vanities as an easy fix.
Bathroom remodeling is much easier today because there are products made for do-it-yourself homeowners. Products like tile or wood floor paneling can be purchased and installed for little or no heartache. While all these changes would impact the appearance and the value of your home, more drastic changes would have an even greater impact. Gutting the bathroom and installing new shower units, toilets, and sinks would create an entire new bathroom that can increase the selling price and probability of selling your home.
A return on equity estimator calculated that a modest bathroom remodel would have a 102.2 percent return! While many of our investments are negative right now, a return over 100 percent is huge, especially when it comes to the value of your home. For easy fixes and updates your local hardware store is always a good source of information, as is a professional installation company. Ask questions and get the most out of your home!