Spring is just around the corner, and the lure of a new home has you thinking about putting yours on the market. Your neighbor added a new bathroom last year, and you’re wondering if you should upgrade yours before you sell. Logically, a new bathroom should increase the value of your home, right?
From 2006 through 2012, the return on a bath remodel investment averaged about 62%, according to the cost vs. value report prepared by Remodeling magazine; a bathroom addition garnered only 51%. Beginning in 2013, however, those numbers began trending up, so a bathroom remodel in 2014 is hovering near 72% and an addition is at 60% return on investment. Even so, you will be spending more money than you can expect in return; however, there are great reasons to go ahead with a remodel. Your professional real estate agent can help you decide if it is a good investment for you.
If several similar homes are on the market in your neighborhood, an upgraded bath may help yours sell more quickly. After all, when comparing side by side, who doesn’t want a clean, fresh bathroom? Busy buyers looking to move in quickly won’t want to do the upgrade themselves. Another reason to consider updating your bath is to attract a different type of buyer. Flippers, investors, and DIY-homeowners will want the bones of the house to be in great shape, but will probably offer a lower price because they plan to make upgrades and changes themselves. Qualified buyers who want move-in ready conditions will appreciate not having to worry about upgrading, remodeling, or renovating.
If you and your professional real estate agent determine that a bath upgrade will improve your sale, be sure to do it right. Do not attempt a DIY project you’ve never done before just to save a few bucks. Poorly-installed flooring may cost you a sale. Remember, some changes have more appeal than others. For instance, if you have one bath, consider putting in a double sink. Couples, families, and even roommates appreciate multiple sinks when trying to get out the door in the morning. Even a small bath can accommodate a double sink if you choose wisely. A new eco-friendly toilet is a nice touch, too. Simple changes give your bath a fresh look without a lot of expense. Consider fresh paint, a new rain-style showerhead, a new classy (but neutral) shower curtain, updated faucets, or a new toilet. Don’t skimp on lighting. According to Alicia Garceau at HGTV, a bathroom remodel should include
- task lighting for applying makeup or shaving
- ambient lighting, that bounces off walls, to soften shadows
- accent lighting to give depth and dimension
- decorative lighting to add luxury or play up an architectural feature.
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All statistics are gathered from the Buffalo Niagara Association of REALTORS®.
For more information, call our Myriad Team @ Keller Williams Lancaster at (716) 650-0051
Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.