Homeowners take on renovation projects to either make their space more functional and aesthetically pleasing or to increase the value of their homes for resale. Not every home renovation project adds sufficient property value, and some don’t add value at all. Bathroom renovations are one of the most popular home improvements, and the good news is that this type of project offers an attractive return on investment. Take a look at what undertaking a bathroom remodel can do for your property value when it’s time to sell.
Bathroom Renovations and Property Value
The average mid-range bathroom remodel costs homeowners $20,000 while an upscale remodel costs an average of $65,000. Midrange remodels recoup an average of 67.2 percent of their costs at resale, while upscale remodels recoup an average of 60.2 percent. It’s important to be realistic about how much of the improvement costs you will recoup. As a rule of thumb, home improvements with the lowest upfront costs tend to have the highest returns.
Real estate investments are a great way to diversify your investment portfolio. There are several types of properties that real estate investors can benefit from, such as residential properties, commercial properties, fix-and-flip properties, and foreclosures. Investors don’t always want to get into the real estate market to earn passive income as landlords who deal with tenants and property fixes.
A better choice for real estate investment is to invest in real estate investment trusts, or REITs. A REIT is a company that invests in income-producing commercial real estate. Goodegg Investments offers a comprehensive overview of REIT vs real estate and how they compare to each other. There are seven main differences between a REIT and a real estate syndication. These include the number of assets, ownerships, access to invest, investment minimums, liquidity, tax benefits, and returns.
New Plumbing Fixtures
Outdated fixtures can quickly date a room; however, installing new fixtures can instantly make over a space and improve the aesthetics. The good news for homeowners is that swapping out old faucets, lighting, and showerheads isn’t expensive. When updating just the plumbing fixtures, it’s important to ensure your new fixtures complement the existing theme of the bathroom.
There are many ways to update the style of your bathroom, from swapping out cabinets and installing a new bath to updating the showerhead and putting in new grout. When it comes to finding bathroom remodeling in Dallas, TX, that offers quality products at affordable prices, Zintex Remodeling Group can help you achieve the bathroom of your dreams. Each bathroom remodel is managed by a certified project manager to ensure you have the best experience possible. The general contractor offers replacement bathtubs, new shower installation, tub-to-shower conversions, walk-in tubs, and more. The bathroom remodeler can help you add value, functionality, and aesthetics to your bathroom with quality products and service.
Upgrading the entire vanity is a great way to create the look and feel of a new bathroom. You can invest in vanity kits that include everything such as faucets, cabinets, sinks, and countertops, or piece together your vanity. The key is to choose materials that will have an aesthetic appeal to buyers.
A good way to dramatically update your bathroom is to upgrade the floors. If you choose to install new floors, you may consider installing heat mats under the tile to enjoy heated floors. New bathroom floors are one of the least expensive improvements that homeowners can complete while changing the look and feel of the space.
Energy Efficiency Updates
With people spending more time at home, adding energy-efficient updates is a great way to increase your home’s resale value. You can easily optimize your bathroom shower, sink, and toilet for low flow, which results in less water usage and greater savings on utility bills. Energy-efficient updates are a smart way to attract buyers and negotiate for a higher asking price.
The right bathroom upgrades can increase your home’s value for resale. Be realistic about how much of the upfront costs you can recoup, and keep buyers in mind when choosing upgrades.