With certain renovations reported to provide a return of up to 70 per cent according to Business Insider, homeowners thinking of selling their home soon or who want to increase their home’s worth ahead of a future sale may be wondering which are the most valuable rooms to think about remodelling. When looking for their next home, buyers will pay most attention to the rooms they really need, and this includes the bathroom.
A bathroom renovation is widely considered to increase the value of home significantly, with recent homeowner renovators estimating they have added thousands to the value of their home. Whether a renovation is structural or simply cosmetic, an attractive bathroom will always appeal to the savvy buyer.
Of course, when it comes to the average cost of bathroom renovations, it really does depend on the existing bathroom and exactly what you want to include in your remodelling.
When deciding whether or not to renovate your bathroom and exactly how your bathroom remodelling is going to take shape, you need to be sure there will be a return on investment. A new bathroom can be an expensive renovation to undertake. Assessing other homes in the area and comparing what they offer a future buyer is a key part of your decision making. You need to make sure you can compete in your own market.
It’s also worth considering what kind of buyer you are likely to attract. For example, if you are selling a large family home, it is likely your buyers are going to have young children or be thinking of having children in the near future. As a result, they may want a bath for the children and a walk-in shower for the adults. Either you need a bathroom design which incorporates both a shower and a bath, or you need to consider the possibility of a master bathroom alongside a second small bathroom. If your buyers are likely to be a professional couple, a double sink might be just the feature they are looking for so that they can both get ready for work at the same time.
Of course, there are some easy ways to renovate your bathroom without having to plough too much money into it. “Don’t aim to win any design awards with your renovation project; selling it for a profit is all you’re after,” recommends Cherie Barber of Lifestyle.com. Barber suggests choosing fixtures and fittings that don’t blow the budget to create a look that could appeal to any buyer.
With that in mind, before commencing any major bathroom renovations, consider the below to see if you can add value to your home without knocking down any walls.
Use your space – Would that second sink make all the difference, or would storage space be the icing on the cake? Look at what your bathroom already has, and then work out what it is missing. Again, keeping your likely buyer in mind will help.
Well installed fixtures and fittings – No buyer is going to be attracted to leaky water marks on the toilet or walls. Make sure you fixtures are properly installed and sealed so your buyer can’t be put off.
New bathroom accessories – It’s not just about whether your fixtures and fittings are installed correctly. A well-functioning bathroom still isn’t going to attract buyers if it is clearly last century. Consider updating the easily detachable parts of your bathroom such as taps, the shower head and shower screen. A lick of paint and new tile designs are also quick and easy ways to modernise your bathroom.
Get the right lighting – Plenty of light is essential for a bathroom, but so is a warm and cosy glow. Check your lighting and see what you can change to make your bathroom appeal to your type of buyer.
Fix existing problems – Renovating or not, if you are considering selling your home and you have an underlying issue in your bathroom such as water damaged floorboards or damp, no amount of renovation will hide these problems from a property inspector. Knowing there is a problem that needs fixing will put off buyers or encourage them to make a low offer, regardless of how pretty your newly renovated bathroom now looks.
Finally, don’t forget to ask around for good recommendations when it comes to hiring a plumber or fitter for any major work you do decide to undertake. A bad plumbing job or a poorly fitted bathroom can instantly put pay to any increase in value.
Ray White Oakleigh Real Estate 7 Atherton Road, Oakleigh 03 9568 2000