If you want to add a good $20,000 worth of value to your upper-end home, then put in a new tub and a snazzy new toilet. Bathroom updates are proving to provide the biggest bang for the buck when it comes to adding value for minimal output. And it’s not just for mansions. In homes in the $400,000 range, the value boost of a renovated bathroom averages around $9,000, while homes in the $700,000 range reap a lavatory-related reward of about $14,000 in extra value according to recent statistics compiled by MSN Real Estate[1].
In a recent survey of buyers and homeowners, responses indicated that “the bathroom is becoming the new den,” in that more and more Americans retreat to the bathroom for relaxation – and bring their flat screen televisions and other media along with them, as well as a desire for bright, spa-quality style and trendy, aesthetically appealing storage. Interestingly, although more Americans appear to be soaking in the tub, fewer find Jacuzzis and large tub surrounds appealing. Instead, large showers with lots of glass and soaking tubs are considered more attractive. In keeping with the spa theme, neutral, earthy colors and stone looks are making bathroom makeovers affordable and practical as these types of materials are easy to clean and very durable. On a more practical note, “green” toilets with low flow net homeowners significant monthly reductions in their water bills and tax breaks as well. Similar benefits can be accrued for radiant flooring with a timer and on-demand water heaters. All of these things add major value without adding major cost to your bathroom renovation.
As more and more homeowners and real estate investors are looking for ways to make their properties stand out to potential buyers and renters, minor rehabs that net major “niche points” by making a property particularly unique or desirable can be the key to sales success. What do you do for your properties to make them stand out?
Thank you for reading! Your comments and questions are welcomed below.
[1]http://www.northjersey.com/realestate/broker_agent_news/114343349_Homeowners_reaping_the_rewards_with_renovations.html
