Are you tired of a dingy, dim-lit restroom that makes your morning routine dreary? Are you looking to remodel your bathroom into a snazzy, modern space with all of the best amenities?
If so, then you’ve probably got another question on your mind: how much is this gonna cost me, and will I recoup any of that cost in added home value?
In this article, we’ve researched the answers to both of those questions: how much the typical remodel sets you back, and how much value does a bathroom remodel add to your home.
How Much Does a Bathroom Remodel Cost?
To understand how much a bathroom remodel typically costs, it’s important to know what all goes into a bathroom remodel. Otherwise, you’ll just look at the final figure and think that it’s a ridiculous sum.
First, you’ll want to get rid of all the old fixtures and update them with modern ones. The walls and plumbing will have to be gutted, and any cabinetry or storage space will have to be relocated. The tub, toilet, shower, etc. may all need to go depending on what you want your final layout to be and how you want to match modern design trends.
Once you’ve replaced the tile, installed a new tub, shower, and toilet, added in new storage options, and changed up the lighting, you’re typically looking at a cost of right around $20,000 for a midrange remodel. If you DIY some of the projects, the cost could be far lower.
How Much Value Does a Bathroom Remodel Add?
Now, let’s think about how much value that bathroom will add to your home. Typically, research shows that for that $20,000, your home’s resale value will increase by $13,000. That’s a reliable ROI of about 65%.
Depending on the real estate market that you are in, that number could be higher or lower. For higher-end renovations, the addition to resale value was typically around $39,000 after an investment of $65,000 in the remodel (a slightly lower ROI of 60%, which is consistent with high-end real estate market trends).
Now, there are two ways to look at this proposition. Obviously, the first way is that you’re losing $7,000 on a bathroom remodel since you don’t typically recoup 100% of your investment.
However, consider how much of an improvement to your home that the new bathroom is going to be. At the end of the day, it’s important to consider not just the financial impact of the remodel, but also the impact of the project on your daily life.
A higher-quality bathroom can make living in your area just that much more of an enjoyable experience. And if you look at it that way, then chances are that you’ll decide the remodel is well worth it if you can recoup 65% of the cost.
To Remodel or Not to Remodel
Now that you know the answer to the question of how much value does a bathroom remodel add, you should be able to decide whether or not to remodel.
If you decide to go for it, then you’re going to need access to great fixtures and furniture to fix up your new room in the right fashion. Whatever you need, we’ve got! Be sure to check out the products that are available right now on our online store!