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Home Improvements That Add Value
If you're considering adding a bathroom to your home, you're undoubtedly wondering if it'll be worth your time and money. Having more than one bathroom will attract buyers' interest, especially if they have a family or need to get ready at the same time as their partner in the morning.
Nobody wants to be hammering on their significant other's or family member's restroom door, asking when they'll be out. If you have the option of having one or two bathrooms and can afford it, you'll undoubtedly choose two because it's more convenient and considered a luxury.
So, will bathroom renovations cost more than an addition of a new bathroom entirely? Will renovations translate into extra value when it comes time to sell your home or not? To find out, read on.
Cost Of Renovating An Existing Bathroom
The typical cost of bathroom renovations is between $15,000 and $20,000, although larger areas, more expensive residences, or higher-quality materials might significantly exceed that. The total cost can vary depending on where you live in the country, the cost of the products you select, and the plumber/electrician fee.
However, there are various options for adding a bathroom to your home that you should explore. An extension, replacing a smaller room, or constructing a bathroom within a space are all options.
What is the ROI for a bathroom renovation?
The average return on investment for a mid-range bathroom addition is around 55%, which means that if you spend about $49,596 on it, it will add about $26,807 to the value of your home when you plan to sell. The return on investment for an expensive bathroom is similar, at about 55%. According to real estate experts, adding a second bathroom will attract more buyers to your home.
What is the total cost to add a new bathroom?
According to Remodelling Magazine's Cost vs. Value analysis, a midrange bathroom expansion will cost an average of $49,596 and $91,287 for an upscale bathroom expansion with more bells and whistles. However, the cost of adding a bathroom varies significantly depending on where you live and what you want to be done.
A complete bathroom (with toilet, sink, tub, and shower) will be considerably more expensive than a half-bathroom (just a toilet and sink). Another aspect that will significantly increase the cost is if you are adding on to your home rather than carving out space in your current floor plan.
Cost Influencing Factors
The addition of bathrooms does not account for all the increases in property value. Homes with more bathrooms, for example, usually are more prominent, and homes with square footage are traditionally more expensive. Homes with more bathrooms are likely to have more costly features as well.
A variety of other things influence all home values. A luxurious master bedroom with a steam shower and a marble soaking tub may boost the worth of your property more than a plain three-piece bath for the kids.
Is A Second Bathroom A Good Use Of Space?
Another element to factor in is when deciding whether or not to go for bathroom renovations, especially if you might be building an extra space in your home or converting an existing space. According to experts, the former is superior. Second bathrooms appeal to prospective buyers.
However, a packed house is a significant turnoff, so you should consider whether your additional bathroom will fit into your existing floor plan or just make everything look crowded. One more suggestion that could pay off is to combine your laundry room with your new bathroom since this is a popular preference among buyers.
Extra Room Via Extension
Adding an extra room to the house through an extension comes with a cost, but will the return be worth it? There's no point spending more money than you'll get in return. You'll also need planning approval to build an addition to your home, not to mention the loss of room if you extend into the garden.
People nowadays are transforming their loft or garage to add an extra bedroom with a bathroom. According to Ideal Property, a loft conversion can increase your home's value by 10-20%, so it is well worth considering if you have the cash available.
Basic Value Increase In Adding A Bathroom
If your house has more bedrooms than bathrooms, installing a bathroom will boost the home's value by a considerable amount. According to a study, adding a half bathroom boosted a two-bedroom property's value by 11.4%, 12% for a three-bedroom house, and 12.4% for a four-bedroom home. According to the report, installing complete bathrooms in the homes will enhance their worth by a similar amount.
How To Gain Profit From A Second Bathroom
Sometimes you need an additional bathroom for the same reasons buyers will find it appealing. While keeping your long-term goals in mind, here are strategies to improve your quality of life by adding a bathroom.
Concentrate on the main bathroom
A master bath off the primary bedroom is far more appealing to buyers than a half-bath off the guest room in terms of return on investment. This, however, may not be a suitable solution for every home.
Add a tub
If your current bathroom only has a shower, consider adding a tub to the new bathroom. Many buyers prefer a property with at least one tub. This is particularly true in the case of families having young kids.
Make a suite
The best return on investment is to add an ensuite bathroom with a walk-in closet. When choosing this path, keep checking and don't over-improve your property for your neighbourhood.
Choose a free-standing tub rather than an insert
Tub/shower inserts that attach to the wall are typically less expensive than free-standing tubs and less appealing. A free-standing tub surrounded by tiling, on the other hand, would be the way to go if you want to impress buyers.
Maintain a neutral tone
Buyers want to envision themselves in a modern home, which is challenging to accomplish in a bathroom with a crazy colour scheme they can't tolerate. Using neutral colours also tells potential buyers that they won't have to spend a lot of money.
What Adds More Value: Bedroom Or Bathroom?
Bathroom improvements are generally worth double the value of adding a new bedroom. According to the (NAHB) National Association of Home Builders, adding a half-bath to your home enhances the value by 10%. The value of a home increases by 20% when a full bath is added.
This figure remains true when the number of bedrooms and baths are equal before the addition. Converting a half-bath to a full-bath increases the value of a home by around 9%. These percentages have remained remarkably consistent across the country for several years.
Pros Of Adding A Bathroom
Enables the growth of your family
One of the most compelling reasons to add a bathroom to your house is to provide substantial space for a growing family to live happily together. Fighting over who gets the bathroom next might become a daily concern if you live in a large house with only one bathroom. An extra bathroom can solve this problem and make your home feel more efficient right away.
Becomes easier to entertain and host overnight guests
Having an extra bathroom is advantageous when hosting holiday get-togethers or overnight visitors because your guests will have their own space to use the restroom and shower. It also helps you save time and money by reducing traffic and germs in your bathroom.
Enhances mobility and security
You may have a family member or acquaintance who requires a more accessible bathroom at some point. If your bathroom addition is on the first floor, limited mobility features like a non-slip floor, handrails, and a roll-in shower may be appropriate.
Makes use of unused space
As previously stated, the most excellent place to add a bathroom to your home is an already unused area. Why not convert an empty bedroom or office into your ideal bathroom? Alternatively, why not make a half guest bathroom out of the additional space at the end of your hallway?
Take a step back and examine any possible areas that aren't utilised to their maximum potential. Most of the time, you can add a bathroom to your home without having to expand it.
We're pretty sure no one has ever complained about their home having too much privacy. If you're sick or need some alone time to relax with a bubble bath, having an extra bathroom in the house helps prevent fights over taking too long in the bathroom and gives you the personal space you need.
Returns on your investment
According to RealEstate.com, homeowners on the West Coast regain about 67% of the price of an extra bath when they sell, while homeowners on the East Coast only gain profit of resale value by about 48%.
Expect to return around half of your investment on average. Making an addition to your home if it has fewer bathrooms than similar-sized homes in your community can help you sell in a competitive market.
Don't Rush To Decisions On Your Own!
An extra bathroom will likely increase the value of your home, but it all depends on how you incorporate it into your floor plan. To help the house sell for a greater price, don't spend more money than the additional bathroom will add. If you're unsure, talk to a bathroom builder, renovator, or evaluator to understand which choice is ideal for you.
If you cannot install an additional bathroom due to expense or space constraints, merely renovating your existing bathroom can help increase the value of your home too. So, why not reach out to a bathroom renovation company for a hassle-free quote to start your bathroom renovation journey today!