The bathroom gets a lot more action than most homeowners realize. So, it is no surprise that it is one of the first rooms in the house homeowners consider remodeling. While remodeling means you’re improving the livability of your space (and comfort too) it doesn’t always mean you’re adding value. So, before you hire a contractor or even start picking out paint colors, you should consider the cost versus value.
What is cost versus value?
Cost versus value is an annual report released by Remodeling Magazine. It takes the average costs of a project, such as remodeling your bathroom, and compares it to the amount of value it adds to your home, meaning how much more your home will be worth after you’re done with that project. These estimations are based on local rates and while they are accurate, it is always best to consult a real estate agent before assuming you can sell your home for the amount its worth.
Remodeling your bathroom, is it worth it?
Two types of bathroom remodels you can do to your home are mid-range and upscale. A mid-range bathroom remodel replaces the fixtures in your bathroom, changes out the shower controls, uses a standard white toilet, standard vanity, and adds wallpaper and ceramic flooring. Typically, a mid-range bathroom remodel is the basics, meaning you are not adding anything fancy, but you are updating it from what it was before. On average, a mid-range bathroom remodel in Washington, DC will cost $15,035, but it will only add $11,629 in value, so you will only earn back 77% in value. An upscale bathroom remodel is a little more intensive (and costly). It includes relocating fixtures and doing a full remodel with custom cabinetry and finer finishes. On average, Washington, DC homeowners spent $49,460 on an upscale bathroom remodel, but only earned an average of $32,164 in value or 65%.
So, which is better?
Deciding which is better is up to you. If you are remodeling your bathroom just to sell, speak to a real estate agent. They can compare similar homes in your area and see if that bathroom remodel will really help you sell at a higher rate. Also, if you are remodeling just to sell, keep in mind you are going to lose money on that transaction either way. If, however, you don’t plan to relocate anytime soon, you may want to spend the extra money and do an upscale remodel. That way you can enjoy your bathroom and eventually your value will go up as the market continues to increase.
Top Image Credit: Four Brothers LLC