When it comes to value-adding renovations, the bathroom is one of the best places to start.
According to Remodeling magazine, a bathroom remodel delivers about a 70 percent return on investment, adding around $13K in value to the property as a whole. Upscale bathroom remodels add more than $34,000 in value.
But like any statistics, they don’t guarantee success. That lies in the projects you choose — and how you choose to go about them.
Want to make sure your bathroom remodel is as profitable as it should be? Here are the renovations to focus on:
- Upgrading fixtures and hardware – Does your bathroom have outdated faucets, door handles, drawer pulls, and tub spouts? Consider upgrading these to add a pop of modernity. Bronze, brass and even gold/rose gold options are popular with today’s designers. Any finish is fine really; just make sure there’s consistency throughout the room.
- Updating the tub or shower – The bathroom is supposed to be a relaxing respite, so if your shower is cramped or the tub is small and cracked, consider an update. Add a storage nook and seating to your stand-up shower, or invest in a freestanding soaking tub to invite more R&R.
- Go eco-friendly – Going green is a good choice for everyone. Eco-friendly faucets, toilets, and other appliances not only cut down on your electric bills — and your environmental footprint — but they make the home more attractive to penny-saving buyers down the line. It’s a win-win for everyone (including the earth!)
- Replacing flooring – Linoleum is never coming back, so if that’s what’s currently on your restroom floor, it’s time for a change. Consider adding tile throughout the space, including in the shower and other wet areas. The impact is instant and significant.
- Adding storage space or cabinetry – There’s one thing no buyer can get enough of, and that’s storage. If you’re low on cabinets, shelves, and towel racks, put adding storage space on your list of to-dos. Replace your cabinets with bigger ones, add drawers or shelving units, and install vanities that add even more space to spread out.
Keep in mind: you don’t have to pay for your entire remodel out of pocket or with savings. A cash-out refinance can help you tap your home equity and reinvest those funds into bettering your home — and its value. Contact an Embrace loan officer today to learn more about the process.