Homeowners make the decision to remodel their bathroom for a variety of reasons, however, most choose to do this to increase their home’s resale value. According to the National Association of the Remodeling Industry, if a bathroom remodel is tackled properly, homeowners will recoup 50% of the cost put into the project. It’s important to note that the average cost to remodel a bathroom has risen significantly — an estimated 20% — since the start of 2020. There are many factors impacting these costs including the price of lumber, and the supply chain which has been out of sync with demand since the start of the pandemic.
Although most bathroom remodeling projects do result in an increased home value, not all do. The increase in value, if there is any at all, will all depend on the type of bathroom remodeling that was done, as well as the quality of the remodeling. This is one area where a DIY job could result in a sunk cost instead of adding value.
Bathroom Remodeling Costs
An overlooked area to DIY bathroom updates is the permitting requirements. As soon as you start making electrical or plumbing changes, it’s more likely that you’ll need a permit. These can cost between $350 and $1,800. Making changes after the fact if unpermitted work isn’t up to code can be very expensive and you can kiss your added value goodbye. Instead, unpermitted work will give buyers a reason to negotiate your house value down.
Minor Bathroom Remodel costs an average of $6,214 when done by professionals. Minor updates can include the following:
- Replacing faucets and fixtures
- Changing handles, knobs and other hardware
- Painting or refacing cabinets
- Replacing the mirror
- Changing light fixtures
- Adding new flooring
Major bathroom remodels are significantly more expensive and cost an average of $28,268. In addition to the minor updates, a major bathroom remodel will also include
- Replace the tub or shower
- Put in floor-to-ceiling tile
- Install a new vanity, cabinets, and toilet
- Update plumbing and electrical systems
- Add or remove walls
Keep in mind, you’ll need to double or triple this cost if you have multiple bathrooms in your house.
If you are even thinking about having your bathroom remodeled, there is a good chance that you are unhappy with the current state of your bathroom especially seen from the perspective of a potential buyer. If your primary motivation behind a bathroom remodel is to raise your home’s resale value, then it’s just one update you’re going to need to make. Remodeling your kitchen is the next update to consider ($12,000 – $30,000). After all, updated bathrooms in a house with an outdated kitchen will make potential buyers see the kitchen as a major detractor and that could cost you more in lost offers than the updated bathroom could ever recoup.
Making the Right Decision to Update Your Bathroom
There are many factors that need to be considered beyond the simple promise of the added house value. Bathrooms are just one area that needs attention in order to bring top dollar for a house. Kitchen remodels can recoup up to 60% of their cost, but they can be costly.
In both cases, you’re not going to recoup 100% of the expense you’ll spend by updating your kitchen or bathroom.
If you’re looking for an option to the work and expense of remodeling your bathroom, contact us now. We buy houses in any condition, even those with outdated bathrooms and kitchens.