Many homeowners remodel their bathroom in the hope of adding equity to their home. In the current market adding value to a home can be beneficial in a number of ways. So is it possible to add value to your home with a bathroom remodel? It all depends on a number of things but the first two factors are if you are trying to add market value or trying to add to your appraised home value.
The appraised value is determined by an appraiser’s opinion of the home compared to other real estate in your region. The market value of your home is what you are willing to accept when selling your house and what your buyer is willing to pay. Remodeling a bathroom may not add to the appraised value of your home as the appraisal value is looking at the square footage of the home, the number of rooms and the prices of comparable homes in the area. To increase your appraisal value an addition of square footage to the home would yield results and not just a remodel of your current space. Remodeling your bathroom however can add to the market value of your home and can add as much as 80% of the cost of the remodel. It is not very often that a remodel recoups 100% of the costs so bear that in mind.
Remodeling for One BathroomIf you currently only have one bathroom in your house then a remodel could give you an 80% to 130% return on the cost of the remodel. This estimate came from the HGTV channel which most homeowners find to be a trusted source of information for home remodels, additions and makeovers. Remodeling the bathroom for many home owners usually means making it bigger. When you are looking for extra space you may be thinking of going into a bedroom and using spaces that are not used much. You can also benefit from using up closet space as well as spaces under the stairs.
Bathroom size specificationsFor a half bath you will need a minimum of 18 square feet and for a full bath with a stand up shower you will need a minimum of 30 square feet. Looking to add a regular tub? –Look upwards of 35 square feet. Regardless of the size the cost of any bathroom remodel is dependent on the types of accessories you intended to use and what these cost to purchase as well as to install. (One way to save on fixtures is to choose floor models from your local hardware store just ensure you inspect them properly).
Too Much Remodeling?If you are going to be remodeling your bathroom keep in mind that there is such a thing as too much remodeling. This can cause you to lose as it will not increase the market value of your home even the slightest bit. Ensure you don’t overspend; you don’t want to have the most lavish bathroom in the neighborhood especially if you are looking to sell. The style you choose should be comparable with the other homes in the neighborhood and should fit in well with the current style of your home. So for example if your home is in an area where the average buyer cannot afford a home with granite countertops in the bathroom then you should add granite countertops when you are remodeling. Not only will you not get a return on this but you may also cause your house to be sitting on the market for much longer than it would had you not gone overboard with your remodeling.
A simple remodel can change an outdated bathroom into a welcoming and modern space that will be inviting for persons interested in buying your home. The simple removal of wall paper and adding tiles can add to your home’s market value and can be a more affordable option for you in the first place.