Remodeling Increases Your Plymouth Home Value
Under the best circumstances, any bathroom remodeling endeavor can add up to be quite expensive! This fact is compounded by the reality of the sluggish housing market, leaving many Plymouth homeowners questioning their potential return on their remodeling investment dollars. However, it is a catch-22 situation: while homeowners are worried about recouping their remodeling budget when their house sells, buyers are seeking out properties that are in top-notch condition. Of course the top two rooms on the buyer’s list of high expectations are bathrooms and kitchens. It goes without saying, that a modern, dressed-up bathroom will put you ahead of your competition!
If you are trying to sell your home, you most likely would like to sell it quickly and for the maximum selling price point that is possible given the market conditions in your town. In many urban areas, sellers’ competition is fierce because so many properties are for sale. Savvy homeowners know that the bathroom is an important selling feature of their house and that if their bathroom is superior to the other houses within their relative price range, their final selling price will be maximized. This fact alone may make bathroom remodeling a viable option for the homeowner who wants their house to shine above all the other for-sale homes.
Because of heavy competition in certain markets as well as lenders being more wary of inflated pricing, home appraisers are being more rigid in their comparisons. Sellers with dingy vinyl bathroom floors and peeling wallpaper will not be able to compete with their neighbor who invested a bit in a bathroom remodeling project and added natural stone floors and creamy up-to-date paint colors. Lesson learned: a clean, modern, turnkey bathroom is a crown jewel in your home.
How much of your remodeling dollars can you expect to recoup during your home sale? It varies based upon your choice of materials, buyers’ perceptions, and the overall amount you spend. Overall, a well-planned bathroom remodel can expect a return on investment of 75 to 85 percent. The key is to use classic, natural foundation materials with unique finishing touches such as handmade rungs. Check to see what other bathrooms in your neighborhood look like – you absolutely do not want to have the most outrageously expensive bathroom on the block. Overspending will certainly not help you get the best return of your money!
Even if you are not planning to sell your home immediately, bathroom remodeling still makes sense if you haven’t done any updating for five years or more. The lasting value and enjoyment you will get from living in a home with a nice bathroom is priceless over time!