If you own a home that is over ten years old and you are thinking of selling it, you might want to invest a designated amount of time, energy, and money to update your bathroom(s) to significantly increase the asking price of your home.
Bathroom updates are one of the most popular ways to give a new look to your home and increase your earning potential in the real estate market. The guys at G&C Plumbing and Heating have worked with several area real estate agents over the years to help prepare homes for sale and found you can typically get between a 55 to 70 percent return on your investment with a bathroom remodel in addition to raising your asking price.
“There are several levels of remodeling you can consider to help make your desired asking price a reality,” said Brandon Sheck, bathroom remodeler extraordinaire from G&C. “From full-scale rebuilds costing tens of thousands to updating fixtures and paint for a few grand, your end goals should always be to update the look of your bathroom and increase your resale value.”
If you know your bathroom needs updating and you want to sell for top dollar, Brandon suggests you do some research. Check out what similar homes in your area offer in the bathroom department. “Basically, figure out what your competition is,” said Brandon. Your real estate agent can help with this and then the guys can help you establish a renovation budget to beat out your competition!
As with many things – pizza, vacations, jobs – there are basically three levels of bathroom remodeling: good, better and best. Spoiler alert:Not all levels of remodeling are appropriate for increasing your resale value!
Fixtures, paint, and fresh tile
“This is the most common remodel our real estate agent friends suggest to clients who are preparing their house for the market,” said Sheck. The cost is typically between $3,000 to $10,000 and often includes updates like a 24-inch vanity, low-end granite countertop, and a new fiberglass bathtub-shower unit.
Other upgrades you might consider are new ceramic or subway tiles in a bathtub or shower area and a fresh paint job. “Your lighting, fixtures and finishes should be new, but you don’t need to break the bank. We can help you come up with some reasonable options that will create a big impression,” said Sheck.
Fancy fixtures and flooring
If your home is competing with high-end homes, priced $900,000 and up, fresh paint and low-end granite is not going to cut it. To get a decent return on your investment, you might be looking at a cost between 10,000 to $25,000 a bathroom. “It’s a big jump because you’re opting for high-end features and flooring, vanity, sinks, lighting, window treatments, hardware, comfort-height toilet, a 36-inch countertop, a framed mirror that matches the vanity, and a recessed medicine chest,” said Sheck.
At this level of remodeling, you’re also able to make adjustments to the layout – like a smaller bathtub to make way for a larger, walk-in shower. “I suggest contemplating this level of remodeling one or two years before meeting with an agent to put your house on the market, so you can enjoy your efforts,” said Sheck.
The bathroom you’ve always wanted.
This is a full-scale remodel that can cost over $30,000 when completed by a professional. However, the guys, and most real estate agents, DO NOT recommend doing this level of remodeling if you plan to sell your home within the next year or so – you will not regain the expense in your sale (Sorry!)
This is a full-gut job and includes moving plumbing and possibly walls. For cabinetry, you are looking for solid wood construction with custom finishes and decorative accent pieces. Your tile can be natural marble, limestone or granite. The walls can be real wood beadboard with deep molding and windowsills are marble. The fixtures can be polished chrome with porcelain handles. The possibilities are really endless, but this bathroom would be so very hard to let go of if you are serious about moving!
“It’s fun to think about a bathroom of this caliber, and may be a consideration in your new home, but the agents we work with rarely suggest their clients should install a dream bathroom before listing a home,” said Sheck. “This type of renovation is personal and should be done for your enjoyment.”
The best advice
Even if you’ve already met with a real estate agent, call the guys for their expert advice on any bathroom remodel. Consider it a second opinion and a potential boost to your bottom line at your home closing!