Remodeling a bathroom can be a great way to increase the value of your home. On average, it can add up to 66% of the cost of the renovation to the home's value. Exclusive renovations can recover up to 57% of their costs in terms of rising home values. So, does bathroom remodeling increase home value? The answer is yes! Home improvement projects of all sizes and types can add value to your home, though the exact amount may vary depending on the project and how much you invest.
Unlike traditional home equity loans, RenoFi loans take into account the value of your home after the work is completed, which can increase your borrowing power by 11 times. The report from Remodeling Magazine shows that mid-range remodeling projects have been steadily increasing in popularity over the past decade. If you plan to sell your home soon, you'll likely get a higher return on investment (ROI) if you hire a licensed and experienced bathroom remodeler to do the work. Housing experts often consider bathroom remodeling one of the best renovation projects you can do if you want to increase the resale value of your home and its appeal to potential buyers.
In fact, an increase in home value could be one of the biggest benefits you'll ever receive, especially if you're planning to sell your home. You can expect to recover an average of about two-thirds of your investment in a bathroom remodel when you sell your home. The report also estimates that bathroom renovations recover approximately 71% of their value-added costs to the home, while adding a new bathroom recovers 63% of its cost. If you're in the Pacific region (California, Hawaii, Washington, Oregon and Alaska), a bathroom remodel is likely a good idea because it offers the highest average ROI in the country, according to Cost versus Value Report from Remodeling Magazine.
When remodeling your bathroom to increase the value of your home, it's important to compare your space with other homes on the market and use it as a reference point. According to Glenn, this is one of the best projects for getting the most benefit from remodeling a bathroom that increases the value of the home. Most renovations add value to your home, and knowing how much this could cost can be a great way to justify investing in a remodel. The most important thing to remember during a remodeling project is that your home must first and foremost meet your needs and those of your family.
