Deciding what home improvement projects to invest in can be tricky. You don’t want to pour money into a renovation or remodel that won’t pay off when you go to sell. If you’re eager to increase your home’s value, consider starting in a small, but essential, part of your home — your bathroom.
“On average, homeowners spend just over $20,000 on a midrange bathroom renovation project, and nearly $65,000 on an upscale bathroom renovation project. At resale, midrange renovations recoup 67.2 percent of their costs, while upscale renovations recoup 60.2 percent,” according to Moving.com writer Laura Mueller.
Small Upgrades for Big Impact
Adding value to your home with a bathroom remodel doesn’t mean you have to start from scratch. Minor improvements can make a big difference to potential buyers.
“Think of your bathroom remodel as a work in progress rather than an all-or-nothing project. Replace broken or inefficient elements first, and move on to others as money becomes available,” advises NerdWallet writer Beth Buczynski.
An old, leaky faucet or basic showerhead will deter buyers. Swap out these dated fixtures with modern fixtures, advises Mueller. Bold finishes and spa-like amenities will transform your bathroom quickly and inexpensively. Don’t forget about lighting. A new light fixture will brighten the look of your bathroom and is a perfect opportunity for your design aesthetic to shine.
A fresh coat of paint is a game-changer in any room, especially the bathroom. Typically, bathrooms are small, so you won’t need to spend a lot of time or energy painting the walls for maximum impact. Mueller suggests appealing to the masses with your color choice by opting for a neutral hue.
Big Projects to Increase Value
Buyers always value storage. Upgrade your old vanity with a new one to offer more storage and style. High-end materials such as granite and marble for the vanity countertops will impress buyers, according to Mueller. If there is enough space, consider adding dual sinks, a feature buyers appreciate in a master bathroom or a bathroom shared by multiple family members.
Even if you love the retro tile in your bathroom, buyers may not. There are a variety of high-quality flooring options to fit most budgets. Whether you choose ceramic tile, vinyl plank, linoleum or engineered hardwood flooring, your bathroom will look dramatically different with a flooring update, she adds.
“If you really want to take the floors to the next level, you could install radiant heat mats under the tile, which warm the floors for a cozy feel post-shower or bath,” Mueller suggests.
Focus on Energy Efficiency
Buyers are not only looking for current value, they are also looking for improvements that will continue to save them money. Simple tweaks such as optimizing your shower, sink and toilet to be low flow will save water and money, according to Mueller. Plus, improvements designed to be energy efficient are good for the environment.
Most buyers are looking for homes that are turn-key. An updated bathroom, whether it boasts small improvements or complete overhauls, will be more attractive to buyers than bathrooms stuck in the past. Determine your budget, be a savvy shopper and complete what you can yourself to save money on your bathroom updates.
Personal Loans and Mortgages at Minster Bank
If you’re looking to finance a home renovation, Minster Bank can help you every step of the way. Whether you’re doing a major renovation or smaller home improvements, we can help you choose the right loan option:
- • Home construction and home renovation loan
- • Home equity and home improvement loan
- • Home equity line of credit
- • And more
If you’re preparing to sell your home or purchase a new one, check out our Mortgage Center to learn more about our mortgage loan programs, including the Welcome Home Program, which can provide up to $5,000 in grant money toward the purchase of a new home.
Published by Minster Bank
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