Before embarking on a bathroom renovation, it is necessary to determine whether the improvements will add value to your home. A home appraisal by a professional appraiser is a good first step. The appraiser will help you determine how much your home is worth and compare it with similar properties in your neighborhood. The results of this evaluation may lead you to scale back your plans. If you do have enough equity in your home, you can take a home equity loan to fund the renovation. This loan offers a good ROI.
Many homeowners remodel their bathrooms for a variety of reasons. Some renovate to update outdated fixtures, and others do so to make the room more functional. Whatever the reason, a well-designed bathroom can significantly increase the value of a home. Renovations can also increase the equity in a property, which can reduce private mortgage insurance.
While bathroom renovations are a great way to increase the value of a home, not every project is a good idea. First, you should determine the scope of the project before investing money. You may want to hire an appraiser to help you assess the value of the home. You should also consult a Realtor to see what other homes in the neighborhood are selling for, so you can compare your house with them. If you’re unsure, you can scale back your plans or even use your home equity loan to finance the renovations.
One of the major expenses in remodeling a bathroom is the wall coverings. These set the basic footprint of the room and will require a large budget. If the walls are old, you may need to repaint them or retile them. In some cases, you can use eco-friendly materials, such as ship lap, on the walls.
If you are planning a small-scale bathroom remodel, expect to pay between $5,000 and $10,000. This price range is based on the amount of work required, the size of the bathroom, and the professionals you hire. A medium-sized bathroom remodel can cost anywhere from $15,000 to $25,000 and will require more extensive upgrades.
Return on investment
A recent study published in the Journal of Real Estate revealed that there are variations in the return on investment for remodeling a bathroom. The return on investment for a bathroom remodel can depend on the scope of the project and the homeowner’s geographic location. For instance, a homeowner in an expensive state like California will see a significantly lower ROI than a homeowner in a low-cost state like Alabama.
The average return on investment of a bathroom remodel is about seventy percent. This figure includes resale value and the time it will spend on the market. However, a mid-range project may bring a slightly lower ROI than an upscale project. This is because a mid-range bathroom remodel will spend less time on the market than an upscale one and won’t attract low-ball offers. As a homeowner, there are important tips you can follow to maximize the ROI of your bathroom remodeling project.
When you’re planning a bathroom remodeling project, you’ll want to consider both practical and aesthetic aspects. Considering how you plan to use the room is crucial when choosing materials for the space. For example, if you’ll be using the room primarily for bathing, you should consider durable materials, like granite. However, you should be aware that this stone is porous and will stain if not sealed properly.
Consider your budget when remodeling the space. You can save money by choosing energy-efficient fixtures. You may also want to consider installing a dimmer for the main light. Installing recessed fixtures around the mirror will also help provide task lighting.
While most bathroom remodeling projects can be done by the average DIYer, there are also some tasks that a professional should handle. Changing the bathroom’s plumbing, adding a new toilet, or replacing the faucets are all labor-intensive and may require the services of a professional. In contrast, small changes such as installing a new showerhead or replacing the tub can be completed by the homeowner and save them money.
If you’re a handyperson and have the right tools, you can perform some DIY tasks in bathroom remodeling. For example, you can replace your toilet seat if it’s starting to look worn. This simple, 10-minute project can enhance the appearance of your bathroom and add value to your home. Similarly, a new shower head will improve the appearance of your bathroom.