Would you like to raise your home’s value?
As a property owner, you have much more than just a place to call home. The place where you spend the most time doubles as an investment. Conducting necessary upkeep and repairs is one way to preserve its value.
But it’s possible to boost the value of your property as well. To achieve this, you should make upgrades that are well received in the housing market, advises Real Canadian Management. Bathroom remodeling and renovation projects form a solid basis for reaching that goal.
Buyers appreciate bathrooms that look great and provide extra amenities. This inclination will get reflected in the closing price should you want to sell your home one day.
It’s important to note that bathroom upgrades come in various levels of return on your investment. Some projects deliver exceptional value, others might not fare that well.
In this article, we’ll go over the basics and major types of bathroom upgrades. By following through with these tips, you’ll have the chance to maximize the return on your bathroom touch-up.
Why Should You Upgrade Your Bathroom?
Bathrooms play an important role in the outcome of home sales. While kitchens are often deemed to be the most desirable part of a home, bathrooms are a close second.
Updating your bathroom may not be fully compensated when you compare the investment to the closing price. Still, the potential for return is high relative to bedrooms or living rooms.
Bathroom upgrades in the Vancouver area range anywhere between $4,000 and $15,000. The particular costs highly depend on the type and extent of the conducted work. Very simple DIY touches could easily cost less than $4,000. Upscale renovations may exceed even $20,000.
Return on your bathroom renovation investment depends on multiple factors, including the market conditions and updated components. The average returns hover around 70% to 80% across different studies.
Remember that useful bathroom upgrades aren’t necessarily big renovations. Some quick and cheap improvements could make a considerable impact on your home sale. For instance, hardware renewal, re-caulking, and brand new fixtures can raise your bathroom’s value.
Another thing to consider is Joy Score. This term used by the NAR in the States represents a homeowner’s expected enjoyment and satisfaction with the home improvements.
According to the NAR in 2019, bathroom renovations have a Joy Score of 9.6 out of 10. This is a great result. The best part is that there is virtually no difference between DIY and pro renovations.
Which Bathroom Upgrades Boost Your Home’s Value?
Let’s take a closer look at the top upgrade projects that can increase the value of your property.
1. Upgrade Your Vanity
Bathroom vanity makeover results in a huge difference. A worn and dull bathroom can take on an entirely new look. The return on investment can be very good when you make the colors, patterns, and overall design work together.
2. Modernize the Cabinets
Old and tired bathroom cabinets decrease the value of your home. Reface your cabinets to get rid of that dull look. If you are looking for a more budget-oriented solution, you may consider a quick hardware upgrade. The result may be better than expected.
3. Renew the Bathroom Flooring
Consider upgrading your bathroom flooring for a bigger renovation project. The upfront cost may not be that high compared to the potential return on your hard-earned money. That’s because the renewal of the flooring can give a brand new look to your bathroom.
Before deciding on the flooring material, examine the possibility of installing floor heating. This upgrade will make relaxing in the bath much cozier during the cold wintertime. No more freezing toes after getting out of the water.
The top choices for bathroom flooring are ceramic or porcelain tiles. You want to have flooring in the bathroom that can withstand moisture and heat. These durable materials are affordable compared to some of the alternatives like natural stone.
4. Increase the Energy-Efficiency
More and more home buyers are looking for “green” properties. Since the bathroom is one of the most energy-consuming areas of your home, it pays to take a good look at how you can cut down on energy use.
The first step is getting a high-efficiency showerhead and sink faucet. The optimized water flow will make every single bathing and handwashing more sustainable.
The second step is switching all of your bathroom lighting solutions to LED-powered lighting. Additionally, you can purchase a new toilet. The modern toilets are more energy-efficient compared to the older models.
5. Consider a New Backsplash
Updating the backsplash comes in a variety of costs depending on the materials you use and how upscale you want things to look. A cheaper, yet beautiful variant is a classic tile that comes in many forms. For a more dramatic appearance, you can mix materials, opt for mosaics, or use natural stone.
In a Nutshell: Bathroom Upgrades That Increase Your Home’s Value
Upgrading your bathroom is a great idea if you aim to boost the value of your home. These are our top recommendations:
- Update your bathroom flooring
- Get a new backsplash
- Replace all the vanity
- Make your bathroom eco-friendly
- Reface the cabinets