Spring is just around the corner and the lure of a new home has you thinking about putting yours on the market. Your neighbor added a new bathroom last year and youâ€™re wondering if you should upgrade yours before you sell. Logically, a new bathroom should increase the value of your home, right?
From 2006 through 2012, the return on a bathroom remodel investment averaged around 62%, according to the cost vs. value report prepared by Remodeling magazine while a bathroom addition garnered only 51%. Beginning in 2013, however, those numbers began trending up, so a bathroom remodel in 2014 is hovering near 72% and an addition is at 60% ROI. Even so, you will be spending more money than you can expect in return. That being said, there are great reasons to go ahead with a remodel, and your professional real estate agent can help you decide if it is a good investment for you.
One reason is that if several similar homes are on the market in your neighborhood, an upgraded bath may help yours sell more quickly. After all, when comparing side by side, who doesnâ€™t want a clean, fresh bath? Busy buyers looking to move in quickly wonâ€™t want to do the upgrade themselves. Another reason to consider updating your bath is to attract a different type of buyer. Flippers, investors and DIY-homeowners will want the bones of the house to be in great shape, but will probably offer a lower price because they plan to make upgrades and changes themselves. Qualified buyers that want move-in ready conditions will appreciate not having to worry about upgrading, remodeling or renovating.
If you and your professional real estate agent determine that a bath upgrade will improve your sale, be sure to do it right. Do not attempt a DIY project youâ€™ve never done before just to save a few bucks. Remember, some changes do have more appeal than others. For instance, if you only have one bath, consider putting in a double sink. Couples, families and even roommates appreciate multiple sinks when trying to get out the door in the morning. Even a small bath can accommodate a double sink with the right choice. Consider fresh paint, a new rain-style showerhead, new classy but neutral shower curtain, updated faucets, or a new toilet. Donâ€™t skimp on lighting, including task lighting for applying makeup or shaving, ambient lighting.
Contact me if you would like help in determining your homeâ€™s current value and if a bathroom or kitchen renovation would add value to your property before listing for sale.