More than five years after the housing bust, the real estate market remains weak in many parts of the country. As a seller, the weak market means you need to go the extra mile in order to beat the competition. If you are planning to invest a significant amount of money in remodeling, one of the best places to put that money is the bathroom.
Real estate agents have long said that the condition of a home’s kitchen and bath will make or break a sale. Prospective buyers do not want to see outdated spaces or those in poor condition. That’s why experts recommend at least a fresh coat of paint and refinished cabinetry.
RETURN ON INVESTMENT
To see the wisdom in remodeling your bathroom, consider the latest statistics from Remodeling Magazine. Their annual report showed a bathroom remodel costing $15,782 would increase the resale price of a home by an average of $10,295. Do the math and you’ll see you will recover more than 62% of the cost of your remodel just in the sale price.
The investment in a remodeled bathroom goes beyond just the sale price, however. It also increases your chances of beating out other sellers. In other words, if two otherwise identical houses were for sale on the same street, the one with the remodeled bath would be more likely to sell first.
WHAT TO SHOOT FOR IN YOUR REMODEL
Today’s real estate market is significantly different from the market of just 20 years ago. One of the most significant differences is that families are abandoning the idea of a “starter home” in favor of purchasing a house they plan to stay in until children are grown and gone. That mindset suggests new home buyers are thinking more long term. A long-term mindset means your bathroom remodel needs to concentrate on the quality of both materials and workmanship. For example, a tub and shower made of cross-linked acrylic is virtually indestructible when compared to standard acrylic.
It may cost a little more to install, but it will last a lifetime. That’s the sort of thing today’s homebuyers are looking for. In terms of style, openness and modern chic are both in. However, do not get caught in the trap of trying to change the current footprint of the space or make it larger by building out into other areas. That’s when a remodel gets too expensive to make it practical for resale purposes. Work with the space you have by using stylish materials, a modern design, and some creativity.
If style and creativity are not your strong suit, consider working with a bathroom remodeling company that supplies a designer. Good designers are very adept at staying within a manageable budget. There’s a lot to do if you plan to sell your house in the near future. If you are planning to sell as-is, you probably need do nothing more than a little painting. However, if you are planning to remodel before you sell, seriously consider investing in the bathroom.