Will It Help Recoup the Expenses on Updating?
This is one of the common questions that we have when it comes to deciding on wither or not to update our bathroom before selling our house. As mentioned above, updating as well as renovating a bathroom does cost money. However, it will be wrong to assume that you can completely recover the price of such renovation. Updated bathrooms are attractive propositions for prospective purchasers. However, this can, help you to increase the prospective return on investment by around 3-4% at best.
Does Cost Vs Benefits Justify Such Updating?
This’s another essential question that you must keep in mind when you’re contemplating updating your bathroom. Remodeling bathroom prices can range anywhere from $5,000-$25,000 and there are many upscale modeling costs that can reach high numbers than this. Therefore, you must be sure that the prices of such renovation need to be commensurate with the expected sales costs that you’re expecting from the sale of the house. If the costs of renovation are too high, it doesn’t make sense to go in for expenses.
What Condition is the Bathroom Currently in?
You require to make lots of considerations as to the current state of the bathroom. If the bathroom was recently upgraded, and it needs some minor improvements, then it’s likely worth the investment. However, if your bathroom needs important work, both in terms of time and money, then it can be worth listing the home as-is. That’s because you can end up spending more on the bathroom that you’re able to ask for in added value, subsequently resulting in a negative return-on-investment (ROI). It’s worth remembering that potential buyers can prefer to upgrade the bathroom themselves, for meeting their own personal specifications. You do not need to upgrade the bathroom, to find that buyers do not like the new look.
How Much Will the Upgraded Bathroom Cost?
The amount of money needed to upgrade a bathroom will change greatly depending on how much work needs to be done. Remodeling Magazine’s 2018 Cost vs. Value Report estimates that the average midrange bathroom upgrade prices in the region on $19,000. This will cover a bathroom with a size of a 5-by-7 foot. Among other improvements, such a cost will include a new standard white toilet, single-level shower control, as well as a recessed medicine cabinet. A similar report estimates that an upscale bathroom sized at 35 square feet will price more than $62,000. It might not be possible for you to recoup this investment, which is why you should estimate how much you will probably get in added value, before making the upgrade.
Consider Making Small and Meaningful Improvements
As per the old saying, less is more. This cannot be truer when it comes to upgrading your bathroom. Making small and meaningful repairs is the best way to add value to your house without spending any time and money. One such instance of this is if your bathroom has tiles and they’re appearing worn, then you need to think about grouting the corners and edges. This’s an inexpensive and simple procedure that may add a bit of spark to your bathroom. A smaller and meaningful improvement that you may make to your bathroom is to replace old taps and a tired-looking showerhead. While the above improvements are unlikely to add value to your house in monetary terms, it can make your house more appealing to potential buyers and thus, result in a high number of offers.
Upgrading bathrooms: what do you need to consider?
If you take the plunge and replace the bathroom, then do not go overboard when luxuries are considered like décor, taps, and tiles which will end up costing a lot. It is worth opting for easy, neutral, affordable quality and thinking about what can appeal to potential buyers, instead of making costly decisions based on personal taste. Top-spec bathrooms are a gamble. Try minimal improvements like replacing doors, and see how it goes. If a dated bathroom is a thing keeping the value of your property down, it’s worth making minimal investment for a good return. If your budget is tight, attack the small things first. First impressions are essential to tackle the entrance. If you will spend money here, then the buyer’s eye will not go to other parts of their property that require improving.
Making a decision on whether or not to upgrade your bathroom before selling your property is no simple task. The decision should finally be based on your potential ROI. It is best to leave such a decision to a skilled real estate agent that knows the local housing market well. They be able to recommend whether or not the upgrade is worth it, and they can make most estimates regarding the potential ROI. Clever one may connect you with a local agent that can guide you through the entire selling procedure, including that of any essential repairs and renovations.