Whether your bathroom is outdated or you just feel it isn’t functional for your family, making the decision to remodel isn’t easy. You’ll have a lot of costs and hassles to think about, but more importantly, you have to decide if it is all worth it. Comparing the cost versus value is critical for every remodeling project in your home.
Cost versus value compares the average cost of a project to how much value you add to your home. This value is how much your home will be worth after the project is complete. While some projects yield a positive return (meaning you earn more in value than you spent on the project) others will only break even, and some will leave you at a loss. A loss isn’t always bad, especially if you plan to stay in your home for a while. But, before you call the contractors and start picking out new designs, you still should know where you would stand after the project is done.
What is the cost versus value for a bathroom remodel in Seattle?
When comparing cost versus value, you typically have two types of reports: mid-range and upscale. An upscale remodel involves gutting the entire bathroom and even changing the layout. While the mid-range focuses on preserving the existing layout, but changing out fixtures to give it a fresh new look.
According to Remodeling Magazine, a mid-range remodel in Seattle will average $19,091 in costs, but it will only yield a $17,532 in value or 92%. The upscale remodel in Seattle will cost about $56,920 and will only earn $46,135 in value or 81% of the cost. Both yield negative returns, meaning you will spend more to do the project than you will receive in value. But, that does not always mean you shouldn’t remodel your bathroom.
How to compare the numbers
If you are going to sell your home soon, you may want to think about the next buyer. These days buyers are meticulous and they want things that are updated. So, if your bathroom is severely outdated, you may want to pick the mid-range remodel to spruce it up and make it more attractive. But, remember you will still be losing out. However, if you have enough equity in your home, you may break even. If you are not going to sell, you may still want to remodel. After all, as home values continue to rise, you will eventually regain the cost of the project in value and you will have a remodeled bathroom to enjoy.
Top Image Credit: NB Design Group, Inc
