Whether you renovate your bathroom before you sell your home will depend on some important factors. Ultimately, whether renovating is a smart choice depends on perspective buyers’ perceptions of the value.
Will prospective buyers be likely to want to pay more if you’ve updated your bathroom? Read on to learn more about the possible benefits of upgrading.
Will You Be Able to Recoup Your Expenses?
Whether you will be able to recoup your expenses is one of the most important considerations by far when remodeling a bathroom. There is no question that upgrading your bathroom will cost quite a bit of money.
Recovering the entire cost of the renovation is highly unlikely, even as attractive as many buyers find updated bathrooms. The prospective return on investment that you will likely see, at the most, is 3-4%.
Is Deciding to Renovate Your Bathroom Worth the Projected Costs?
Whether your costs versus benefits justify the expense is a reasonable consideration, where deciding to renovate a bathroom may cost a minimum of $5,000-$25,000. If you decide to go with some of the more upscale options, your costs may far exceed this minimum.
You’ll need to consider that bathroom remodels, at a minimum, usually include upgrades to showers and tubs, as well as new vanities and fixtures. If the updates won’t increase your sales price by much, you might want to consider a remodeling job within a smaller budget.
Is Your Bathroom Currently in Good or Bad Condition?
The overall condition of your bathroom could be an important factor in your decision. A bathroom that is in good condition overall may benefit more from remodeling than one that has substantial problems.
If your bathroom renovation will cost more than you’ll receive in added value, this will be a poor return on your investment overall. A circumstance you’ll want to avoid is putting a lot of money into having the bathroom remodeled when the new owner will have to do a more extensive upgrade.
Focus on Smaller Improvements That Mean More
One option you might want to consider is making relatively smaller improvements that will make a bigger impact. For example, you could focus on an area of your bathroom that requires attention and involves less disruption to upgrade before moving on to other bathroom areas.
Updating older fixtures that look dated can also be an important improvement that makes a major difference for your bathroom. These types of improvements don’t typically offer much monetary value but do provide extra appeal to prospective buyers.
What You Need to Focus on When Updating Your Bathroom
The most important thing to remember when renovating a bathroom with buyers in mind is to steer away from improvements that represent your personal tastes more. What is more likely to appeal to a greater number of buyers matters more.
An exception to this rule is if multiple areas of your bathroom are seriously dated. Prospective buyers are more likely to look favorably at a home with amenities that are relatively current.
You’ll want to think carefully about what’s most likely to make a good first impression on buyers. Otherwise, your efforts might end up largely wasted.
Deciding whether to upgrade your bathroom based on your ROI is no easy decision. However, if you choose wisely, you will reap the rewards when you sell the property.
Working with an interior designer with extensive bathroom remodeling experience can help you make a better decision. Karin Ross Designs has the experience that you need if you decide to renovate your bathroom; contact us for more information.