One of the most important considerations before a remodel is how much of the cost will actually add value to your home. But, value can be a relative term. If you have the money to burn, going upscale may be a worthy investment in your personal comfort. However, it’s also important to consider how much of your investment you’ll be able to recoup if you decide to sell some day.
For example, upgrading your bath with luxurious features may make you feel posh, but on average, you’ll only get a return of 57%. On the other hand, something as simple as changing out your shower head for a new, more efficient model can reap a return of up to 90% of your initial outlay. Consulting with local professionals like a Realtor or Plumber Dallas TX will keep you from flushing your money away.
How to Figure Your Potential Return
The cost versus value of any project is based on several factors and formulas. However, the most common determination is evaluating how much the project costs in relation to how much homes with comparable upgrades sell for in your local area. Trends come and go, but some improvements are perennial winners in the ROI sweepstakes.
So, Where Should I Put My Money?
Bathroom remodeling is high on the list of smart renovations, mostly due to the fact that the core function and necessities in a bathroom never change. But, not all upgrades are created equally. The average homeowner must be very budget conscious when it comes to home improvements. If you can afford a complete overhaul, expect to get a return of about 60%; selective improvements add value in term of function as well as ROI. The top features that pay dividends are:
– New lighting
– Low-flow toilets
– Updated faucets and shower heads
– Additional storage
– Space-saving features
– Multiple sinks/expanded vanities
Concepts that will increase your own comfort while making your home more appealing to potential buyers are the little details. Choose neutral colours for main areas like walls and flooring. If you want to add splashes of colour, that’s what accessories are for. Access is becoming a lasting trend as populations age. A smaller bathroom can become more spacious and functional if you remove the tub and replace it with a shower enclosure.
What to Avoid
Reality shows aside, a little-known secret outside of the real estate industry is that splashy or eclectic doesn’t sell. Sure, is might be nice to install a jetted tub with built-in stereo and coordinated LED light shows, but how many people are looking for that when they buy a home? It’s also a good idea to avoid color or design fads that will fade and leave your home looking dated in a few years. Try to keep basic design features and color schemes in line with the rest of your home.
In the end, your choice of upgrades is ultimately about your quality of life. However, your ROI doesn’t just affect your re-sale value; it can also become a factor if you decide to refinance your mortgage or take out a home equity loan. The final decision will depend on your long-term goals for your home as well as your immediate needs and budget.