Are you thinking about remodeling your bathroom? Perhaps you've been planning to spruce up your bathroom for a while, and you've finally saved enough money to put your plans into action. Or maybe you're about to sell your home, and you want to ensure it achieves its full asking price when it goes to market.
Whatever your motivation for remodeling your bathroom, here's the good news: renovating your bathroom will add value to your property.
Read on to find out how much the value of your home will increase thanks to your bathroom renovations, as well as some top tips on how to improve the state of your bathroom without breaking the bank.
Why should I Remodel my Bathroom?
Everyone is likely to have slightly different motivations for remodeling their bathrooms. But generally, it might be time to renovate your bathroom if you can resonate with some of the following:
- 1Your bathroom feels dank and dingy when you enter.
- 2There's a musty, unpleasant smell coming from the walls, ceilings, and fittings.
- 3The fixtures and fittings are outdated and haven't been replaced for some time.
- 4You notice a build-up of mold and mildew in and around the faucets, bathtub, and even on the floor, walls, and ceilings.
- 5Some of the appliances and fittings within your bathroom are no longer fit for purpose.
Naturally, the current state of your bathroom will influence how much you have to spend on renovations to improve the room's aesthetics. But one of the biggest motivations for homeowners to renovate their bathrooms is because it undoubtedly adds value to a property, as we explore in detail below.
How much value does a Bathroom Remodel add to your House?
There's no getting away from the fact that renovating your bathroom, particularly if it's in bad shape, will add value to your property.
According to Consumer Reports, a brand-new bathroom can increase the sale price of your property by around 2-3%. And while this isn't likely to be a life-changing sum of money, it's still worthwhile. And even though you're unlikely to recoup 100% of your investment reflected in the sale price of your property, you can expect to see a return on your investment.
Moving.com tells us that homeowners spend on average just over $20,000 on a mid-range bathroom renovation project, and they can expect to recoup 67% of their costs in resale value. For those less interested in money and more interested in the happiness that a bathroom remodel can bring, NAR informs us that a bathroom renovation brings about a 'joy score' of 9.6 out of 10.0.
So, from both a financial and a happiness perspective, remodeling your bathroom undoubtedly adds value. But it also helps you sell your home, should you look to put it on the market. After all, if your bathroom is in a state of disrepair, potential buyers are likely to be put off moving into your home, and it will be a deal-breaker for many.
Like any other home improvements that you undertake, remodeling your bathroom will enhance the aesthetics and value of your home.
Three Bathroom Remodeling Considerations
While added value will be sufficient motivation for many homeowners, there are other things you should consider before committing to a bathroom remodeling project.
Obviously, an excellent place to start is to ask yourself this simple question: do I really need to remodel my bathroom?
If you're confident that the project warrants your time, then run through the following considerations that will help you get the most out of your bathroom renovation:
Can I afford to Remodel my Entire Bathroom?
Estimates suggest that the cost of renovating a bathroom costs anywhere between $20,000 and $65,000. First, you need to establish your available budget for your bathroom renovation and then decide what you can and can't afford to spend money on. The good news is that there are some extremely cost-effective ways of renovating your bathroom (as we introduce further down), which are a good option if your budget is limited. (Related: Bathroom Remodel FAQs (Frequently Asked Questions))
Do I have the Skills to Remodel my Bathroom?
The bathroom isn't the ideal place for inexperienced DIY-ers! A burst pipe caused by an error can end up costing thousands of dollars worth of damage, which will set you back even further in your remodeling project. Unless you plan on instigating an entirely cosmetic remodeling of your bathroom, it's a good idea to budget for the labor of a plumber or relevant professional to help you with the project.
Do I need to Complete any Repairs before Renovating my Bathroom?
There's little point in renovating the aesthetics of your bathroom without completing any necessary repairs first. A great example would be electing to remove mold and mildew from your tiles, ceiling, and appliances without addressing the underlying issues that caused them to appear in the first place. If you don't make the necessary repairs before remodeling, you will find that the same problems will reappear in the near future.
Six Cost-effective Ways to Renovate your Bathroom
While we might all like the idea of splashing $20,000 - $65,000 on a brand-new sparkling bathroom, it's not necessarily realistic, particularly if you have other home improvement projects going on at the same time.
But the good news is, you don't necessarily need to change everything in your bathroom, and there are certain aspects that you can remodel without breaking the bank.
Below are some elements of your bathroom that you should consider remodeling:
- 1Deep cleaning and ventilation. One of the most off-putting things to potential buyers is if they walk into a dirty bathroom. Investing insufficient cleaning products to remove mold and mildew from all of your surfaces and appliances will totally uplift the interior of your bathroom, and a lick of paint won't go amiss, either. At the same time, consider upgrading the ventilation in your bathroom to ensure a build-up of mildew won't immediately return.
- 2Lighting. Don't underestimate just how much of a difference new lighting can make in your new bathroom. Poorly proportioned lighting that makes your bathroom feel dim and dank will do the room no favors. On the other hand, upgrading your vanity lighting, or adding some well-positioned spotlights can modernize your bathroom and make it look completely different simply by changing the interior lighting.
- 3Modern plumbing fittings. Another relatively inexpensive bathroom project you can undertake is to replace old, outdated plumbing fixtures with modern alternatives. It doesn't require a considerable amount of time or money to swap out the showerhead and faucets in your current bathroom, but doing so can transform the appeal of your space.
- 4Vanity upgrades. Most people spend a decent amount of time in front of the vanity, so making it look as appealing as possible is a great way to increase the value of your home. Consider investing in a marble or granite countertop, and replace old and worn cabinet doors. A fancy mirror can also add life to your vanity and make the space look more attractive.
- 5Flooring. While people often balk at the idea of replacing the flooring in their homes, it tends not to be as expensive as you might think. For instance, according to Remodeling Expense, the average cost per square foot of bathroom flooring is between $2.50 and $4.00. So, if you opt for an inexpensive laminate flooring option, you can totally transform the appearance of your bathroom without emptying your savings.
- 6Energy-efficient upgrades. Making your bathroom more energy efficient is good for the environment and your pocket at the same time. Optimizing your sink, toilet, and shower for 'low flow,' for instance, can save you money on your water bill and will also appeal to potential buyers should you opt to sell your property.
Instead of committing to installing a new bathroom, you can compartmentalize the project into manageable aspects and take them on one by one. Not only is this approach budget-friendly, but it's also an efficient way of completing home renovation projects.
Verdict - Will Remodeling my Bathroom add Value to my Property?
The short answer here is yes; remodeling your bathroom will almost certainly add value to your property (between 2-3%). However, you can't realistically expect a 100% return on your investment, particularly if you splash out on a brand-new bathroom.
And as is the case with all home improvement projects, it's equally as important to consider the 'joy factor of remodeling your bathroom, which stands at an impressive 9.6 out of 10.0. There's little doubt that renovating your bathroom is a worthwhile chore, particularly if you're not happy with how it currently looks.
Just as importantly, if you're planning to sell your property in the near future, you will likely find it difficult to achieve your asking price if your bathroom/s are less than desirable. All in all, then, you shouldn't hesitate to remodel your bathroom.