bathroom remodel return on investment
The condition of your bathrooms can make or break a sale. Out-of-date bathrooms, just like dated kitchens, are a major turnoff to homebuyers. Luckily, bathrooms are relatively inexpensive to redo and the ROI is respectable.
As with any remodel, the key is not to overdo it. A mid-range bath remodel has an average return on investment of 65.2 percent, according to Remodeling Magazine’s 2013 cost vs. value report, while the ROI for upscale renovations drops to 58.3 percent. The average homeowner spends $15,782 on a mid-range remodel and recoups $10,295, according to the magazine. The average upscale remodel costs $50,007 and commands $29,162 at resale.
Even though you don’t want to overdo it, the remodel must be done right to maximize ROI. You don’t have to choose marble counters and gold faucets, but you do need to consider what buyers want in a bathroom. That includes double sinks, custom showers and good lighting. A separate shower and tub is also a plus. If you’re planning to sell in the near future, choose neutral colors that will appeal to the masses.
In some cases, it makes sense to add a bathroom or expand a half bath to a full bath. You should talk to local real estate agents about whether this makes sense in your market and in your neighborhood. For some buyers, a home with 1.5 baths instead of 2 is a deal-breaker.
A lawyer never retires. So I would just say that I am not as active as I used to be. Now I simply dedicate myself to fishing, my hobby, and my grandchildren. For Business Finance News I write about legal aspects of mortgage policies, mostly regarding the rights of policyholders. I also have articles about personal injuries.
