Whether it’s as simple as cosmetic upgrades such as re-caulking the bathtub or luxurious additions like a soaking tub, potential homeowners look for updated bathrooms when checking out their potential new home. When you renovate your bathroom, you’re likely to earn an additional 2 to 3 percent on the final price when you decide to put your home on the market.
But why exactly is a bathroom renovation a great investment for your home? There’s no question that we all enjoy a renovated bathroom— every design is unique to your personality and style! Not to mention, enhanced aesthetics are attractive for any homebuyer.
Common Types of Bathroom Remodels & ROI
There are several types of bathroom remodels that would be a great investment for your home. From midrange bathroom remodels to universal designs, the type of renovation you choose will determine the return on investment you could expect to receive.
For example, a midrange renovation, which is the most basic, includes installing ceramic tile, adding new fixtures, and replacing that 1983 toilet with a brand new plain white porcelain toilet. This remodel can provide you with an ROI of 70.1 percent, according to Zillow.
On the other hand, an upscale renovation may cost you more cash, which means lowering the ROI. Zillow reported that homeowners who made structural changes added heated floors and new lighting— in addition to stone countertops, only earned 56.2 percent ROI on their bathroom renovation.
In some cases, adding luxurious fixtures and flooring isn’t the solution to adding value to your home. Cosmetic upgrades like a new toilet, bathtub re-caulking, and fresh fixtures are enough to appeal to potential buyers. If you’re looking to save money on your bathroom renovation but want the added value to your home, DIY designs are also an option to save you fees from contractors.
Average Return on Investment (ROI)
While a house in one neighborhood may earn a higher ROI than yours, it doesn’t mean your renovation is any less of an investment. In fact, Zillow reports bathroom remodels are currently earning the highest return rate when it comes to increasing the value of your home. The site reports that for every $1 you put into your renovation; you will get $1.71 in return.
Three Types of Renovations with the Highest ROI
There are three types of renovations that are most appealing to buyers and likely to help you earn the highest ROI:
- Vanity Renovations
- New Flooring
- Shower & Tub Replacements
These renovations are the most appealing to potential homeowners. They’re an inexpensive investment but will help your home sell at a fast rate!
Invest in Your Home
No matter what type of renovation you put into your home, any improvement is an investment. Whether you’re adding a new bathtub or just replacing its caulking, or even replacing your out-of-date bathtub with a stunning walk-in shower, making the smallest changes in your home can go a long way. When you’re searching for ways to add value to your home in the local area, a Chicago bathroom remodel is the most optimal choice!