Many people, some Homeowners even, think that every repair, upgrade, or renovation will add value to their homes.
Unfortunately, this is not true; not every repair minor, or even major, ends up affecting the value of your home.
Repairs or upgrades (additions, renovations, etc.) that do in fact add value to your home are designated as Capital Improvements. Changes like carpeting floors or even a complete re-painting of the home’s interior won’t necessarily translate to higher home values.
Painting, whether interior or exterior, can be quite an expensive time-consuming endeavor.
In the end, after all the paint dries, it won’t raise the value of the home, regardless of the painters’ skill, or the final product; Simply put, it’s not a structural change, it may attract buyers, who may even, by some long shot, actually like the color you chose, but, sadly, it really has no lasting value. Some Homeowners find this out after the fact realizing that they didn’t add or subtract to the value they just spent money on an impermanent improvement. It may look nice, but it doesn’t last long.
This is because even though it may be executed professionally, using the highest quality of paint and material, and by a professional painting company, it still doesn’t involve any structural changes so don’t expect any increased value.
However, as far as return on investment is concerned, the room that many people don’t remodel a bathroom can offer more than one would expect on the investment.
How much does a bathroom renovation increase home values:
When deciding on exactly how to remodel or renovate your home, the planning and budgeting stage is the most important. This is true for several reasons such as the variety of options available. We’ll save that for another time.
According to some estimates such as the following provided by moving.com Homeowners can typically spend over $20,000 for most mid-range Bathroom Renovation projects and as high as $65,000 on the upscale.
The Bathroom is typically one of the smallest in the house but its value is greater than most people would guess. This is where we begin and where we finish our days; helping us prepare ourselves for another day or helping us shed our stress in a cloud of steam. This is a place of cleansing and rejuvenation.
Besides its functional importance, a bathroom holds the key to adding the greatest ROI value for the least amount of expense. With its post-renovation value stretching far beyond its typically smaller spatial footprint, the bathroom’s potential value stretches far beyond expectations given its typically small spatial footprint. This is primarily because even when completing a partial renovation of certain components to your bathroom, it can provide a very healthy return on your initial investment.
The Bathroom can be our sanctuary of sorts; a place of rejuvenation and solitude, many times it is the only space where one can be completely private.
Selling or staying
If you have plans of selling or you are contemplating a home appraisal and intend to sell, a bathroom renovation can really help you boost the listing cost. Let’s take a look at average resale values after a bathroom remodel.
Let’s say the renovation on your main bathroom cost $20,420, Resale value could be increased by $13,717!
Resale value: $13,717
Upscale bathroom renovation
Resale value: $38,952
Breathing new life into an old bathroom with a remodel can provide you with peace of mind and the confidence that you are doing something good for yourself, your family, your home, and your wallet.
So, if you are tired of your bathroom’s present condition and you are exploring ideas for how to renovate and raise the value of your home, give Thompson Creek a call! Our team of experts will help find an option that is right for you, your budget, and your home.