Homeowners are constantly looking for ways to increase the value of their home, but it's not always easy to pick which project they should tackle first. Bathrooms are a popular place to start because they are a less expensive project than most re-do's, but will still boost your home's value.
While a kitchen remodel or finishing your basement may be beneficial to your home's value, it can run up the bill quickly if you're looking to stay on a budget. Re-doing your bathroom is a lower-cost way of increasing your home's resale value, improving its functionality, and making it more energy-efficient, saving you money over the long term.
A New Bathroom Can Increase Property Value
A remodeled bathroom can increase a home's overall value and make it more desirable to potential buyers thus leading to a higher selling price. The return on investment into a midrange bathroom remodel is 70%, which is why 30% of American homeowners decided to remodel their bathrooms in 2021.
This process can include fixing up any damage the room has sustained over the years, updating the style of the room if your tastes have changed or completely overhauling the layout of the room if you need to make the space more accommodating.
A New Bathroom Can Mean Enhanced Functionality
A remodeled bathroom can improve its performance and make it more comfortable and convenient to use. This can include updates such as new fixtures, a larger shower or bathtub or the addition of storage space.
Professionals recommend beginning your bathroom remodel with the "wet area," otherwise known as the shower and bathtub. These areas can be some of the trickiest to maneuver around, but provide the highest ROI on most bathroom remodels.
Remodeling Fact:
Having a bathtub in your home will increase its value when you decide to sell.
Upgrading your toilet has become a popular theme in today's bathroom remodels. Whether it's changing the color to match the layout of your updated bathroom or installing new features such as a heated seat you can increase both the value and comfort of your post-remodel bathroom.
While it is important to have a vanity that looks good with the rest of your bathroom, you also need to make sure there is enough storage space to fit everything you need. Extra towels, toiletries and beauty products are just some of the things that can take up too much of your space without proper storage. For the best ROI on your remodel, invest in high-quality vanity.
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Increased energy efficiency
A bathroom remodel can also include updates to improve energy efficiency, such as low-flow toilets and showerheads, which can help to reduce water and energy costs over time.
Most of us are constantly looking for ways to save money, and a few upgrades during your remodel can set you on a long-term path to savings.
Low-flow toilets are fixtures that use significantly less water per flush than traditional ones without sacrificing flushing power. According to the EPA, homeowners can save as much as $110 on their water bills per year by switching to low-flow toilets.
There are also low-flow shower heads that can go a long way in reducing your overall water consumption. The average US household can save about 2,900 gallons of water per year by installing a single low-flow showerhead. Combining this with a low-flow toilet should see you recouping your investment in just a few years.
Make the most of your space and increase your home's value—plan your new bathroom today
The first step in any remodel is figuring out your budget and how you are going to pay for it. For any home improvement project, a home equity loan or Home Equity Line of Credit (HELOC) is a great source of financing.
Take a moment to get your free, instant equity estimate and see how big you can dream.
If you have any questions about how to access cash from your home's equity, we can help find a solution that works best for you.