By Kate Putnam
Building Envelope Components And Systems / Private Label Manufacturing / Waterproofing Membrane
Now is a Good Time for a Bathroom Remodel
If you grew up on TV shows like Tim “The Toolman” Taylor, host of the home-improvement show “Tool Time” you may be wondering if your bathroom remodel will increase your home value. Are the renovation expenses worth the time and headache and most importantly, will it increase your sale price? As you know, some remodels return more investment than others. According to the National Association of the Remodeling Industry, if a bathroom remodel is undertaken properly, homeowners will recoup 50% of the cost put into the project. “In most cases, almost overwhelmingly it is beneficial to get a bathroom remodel done before selling a home,” said Jacki Shafer a top real estate agent who shared her selling tips with us.
This is an unprecedented time in America and the World as a whole. COVID has not only encouraged us to stay home but to make our living spaces more livable. For the past 20 years, to help homeowners, Remodeling Magazine has published its annual Cost vs. Value Report. The report shows that a mid-range bathroom remodels generally costs about $19,000, if you’re looking for an upscale remodel the average cost is about $62,000. If you don’t have time to read the report:
The National Association of Realtors and Specpan collected information from nearly 3,000 responses of a web-based survey they sponsored. As we know, when the housing market is in a slump, the percentage of construction costs recovered is lower across all projects.
Nationally, prior to COVID the home improvement projects at the bottom of the “value” ladder included home office remodeling, a mid-range sunroom, and garage additions. Again, after our small space bathroom remodel, the first thing we did was create office space so we could work independently and in a professional location.
Home Value is Location Dependant
As you might expect, the amount you recoup at a sale varies depending on your location. A comparative market analysis has already been done for you. While the percentage of costs returned in Mid-Atlantic and New England cities has stayed fairly constant year to year, within California, Oregon, and Washington, remodeling costs recouped at resale are over 10% greater than the national average.
Also of interest, cities in the southeast and southwest that are experiencing a building boom actually fall below the national average when it comes to recouping home improvement costs. One explanation for this trend is the fact that because these areas have plenty of new homes lingering on the market and falling in price, buyers are turning their backs on even the most attractive renovated older homes.
According to the study above Houston, Texas and the West South Central Region of the US differed slightly from national averages.
Top renovation projects (and the expected “cost recouped” at the time of your home sale) include:
Lowest value renovation projects (and the expected “cost recouped” at the sale) include:
As fluctuations in the US housing market continue impacting home buyers and sellers nationwide, it is important to stay current on factors that impact your home’s value. Just like investing in stocks and mutual funds, your decision to remodel your home should begin with a considered evaluation of your current circumstances and future goals.
While you are making these decisions, keep the amount of time you’re spending in this space and if a project will keep you busy and pay off in the end it’s worth it.
For more home improvement information visit http://www.houstonproperties.com