A bathroom remodel is on the mind of every homeowner looking to sell. For years, people have relayed that the overall ROI is always 100% and always worth the investment. While that is not necessarily true, the bathroom and kitchen are still popular areas to repair and spruce up.
You spend most of your time in both rooms. How it looks matters and here’s our latest information about your bathroom remodel ROI.
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Is a Bathroom Remodel Worth It?
According to the 2021 Cost vs. Value report from Remodeling Magazine, remodels are categorized as midrange, universal design, and upscale. These three types of remodels are high-dollar and high-return; it is a little more effort than a simple upgrade.
This report shows the national ROI average for the United States in these three categories. Depending on where you live, your home might have a more specific ROI.
Consider the type of market you live in and if updating your bathroom will compete with any new builds in your area. Buyers typically find bathroom and kitchen upgrades more attractive. It also helps with your resale value.
Midrange Bathroom Remodel
A midrange bathroom remodel usually averages out at $25,000 or less. It includes features like tile floors, cultured stone, new fixtures, a standard white toilet, and more importantly, storage.
While it looks better than before, it’s not over the top nor entirely too expensive. None of these new additions are top-of-the-line.
These simple additions offer the highest ROI.
- Cost: $24,424
- Return: $17,147
- ROI: 60.7%
Universal Design Bathroom Remodel
Universal design renovations are highly inclusive to everyone – specifically wheelchair users. The bathroom will be on the first floor of the home.
Some features included should be installing a widened doorway and making the bathroom universally accessible with walk-in showers, taller toilets, and accessible storage. To prevent accidents, install strong lighting.
- Cost: $38,813
- Return: $22,475
- ROI: 57.9%
Upscale Bathroom Remodel
An upscale bathroom renovation is the most expensive renovation. Consider walking into the most modern bathroom you can think of. It has granite countertops, a double vanity sink, fresh lighting, rain shower fixtures, a free-standing tub, and all sorts of luxury upgrades that make it feel like you’re in a spa.
This type of remodel offers the least amount of ROI, but it isn’t far behind the others.
- Cost: $75, 692
- Return: $41, 473
- ROI: 54.8%
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DIY the Design
The less money you spend on your remodel, the better your ROI. Most realtors recommend a neutral design to fit any homebuyer.
Sometimes, you don’t need to replace your cabinetry to refresh them. Sand and provide a new coat of paint with new knobs.
Install new lighting that’s modern and sleek. Replace a vanity mirror with one you’ve thrifted or found on Facebook Marketplace.
According to Homelight, new homeowners gravitate towards the retro style. People care more about things being neat and clean than extravagant. For paint colors, go with subtle greys or a sage green.
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Need a Way to Afford Your Bathroom Renovation?
Home improvements can be expensive, but there are many ways to come up with the money needed for repairs or upgrades. The best thing you can do is finance with a partner you trust. Contact Park Place Finance today to discuss your bathroom remodel and we can help find an option best for you.