Renovating your bathroom can add significant value to your home (in some cases, as much as 4 or 5%). But like all home improvement projects, updating your bathroom isn’t guaranteed to pay off. So, should you refresh your bathroom before selling? Let’s find out.
Should I renovate my bathroom?
If you’re thinking of renovating your bathroom before selling your home, there are a few factors to consider.
Market considerations
Though renovating your bathroom can help increase the value of your property, the return on investment ultimately comes down to the housing market. With this in mind, it’s essential to do a comparative analysis to gain insight into the project’s potential (ROI) before committing to the work.
The current state of your bathroom
The current state of your bathroom should help you decide the extent of your renovations.
If your bathroom is in a severe state of disrepair that it could dissuade potential buyers, it may be worth completely gutting it.
However, not everyone will need to strip down their bathroom completely. In some cases, a few simple touches like replacing old flooring or outdated fixtures are enough to increase the appeal of your home.
Bathroom renovation costs
The costs of upgrading a bathroom vary, and can be as little as $1,000 for minor cosmetic repairs but can reach $10,000 or more for more extensive work.
Before investing in a bathroom upgrade, it’s important to understand your risk tolerance and potential return on investment.
- Risk tolerance: If the 2008 housing crisis showed us anything, it’s that the housing market can change at any time. No matter how much you spend on renovations, you could see little return on investment if housing prices plummet. Only you can decide how much you feel comfortable spending on renovations. No matter how much you choose to invest, you must prepare for the possibility that you might not get the full amount back when you sell.
- Calculated return on investment: Once you have a rough idea of how much it will cost to renovate your bathroom, try to calculate the return on investment. You can do this by looking at houses in your area with similar upgrades to see what they sold for.
How quickly do you want to move out of your home?
If you’re looking to sell your house quickly, renovating your bathroom may not be viable because renovations can be time-consuming.
Two primary factors determine how long bathroom renovations take:
- The extent of your renovations: Before renovating your bathroom, understand the timescale of each project. If things go according to plan, you could finish bathroom renovations within a few weeks, but you might want to factor in delays and any unexpected costs that could stall further progress.
- The total amount budgeted for renovations: You could complete bathroom renovations in as little as a month with a larger budget. A smaller budget could mean that you need to complete your renovations over time to spread out the costs.
Think about how quickly you’d like to move out, and do some research on local contractors to see whether a bathroom renovation fits your timeframe and budget.
What type of buyers are you trying to attract?
The type of buyer you’re trying to attract should be a primary factor when deciding to renovate your bathroom, as each buyer’s wants and needs are different. For example, some buyers will want to redo the bathroom themselves, while other buyers will pay a premium just to find a home that has a brand new bathroom.
Determine who you are trying to target before deciding whether you want to renovate your home, as a brand new bathroom may or may not impact a buyer’s decision to make an offer.
Get the proper permits
Be sure to check if permits are needed for your bathroom renovations to avoid delays later on. Homeowners must obtain a permit to do certain work on their property and follow legal regulations to ensure that your permit is valid. Leaving permits unresolved can prolong the sale of your home.
Know which projects add the most value
In the renovation process, it’s key to focus on the projects that will add the most value. With this in mind, here are some bathroom renovations that add value to your space quickly:
- Plumbing fixtures: Upgrading your plumbing fixtures can help make your bathroom more appealing to potential buyers. Even small things like replacing the showerhead or faucets can make a difference.
- Cabinets: Old and worn-down cabinets can be off-putting to buyers. Taking them out and replacing them with modern cabinets can make your bathroom look more appealing.
- Flooring: Though it may seem inconvenient at the time, adding new flooring can provide an above-average ROI.
- Energy efficiency upgrades: Having a more energy-efficient home is a strong selling point for buyers who want to conserve energy and can add value to your home.
- New paint: Adding fresh paint to the walls and cabinets is another low-cost yet effective way to boost the value of your property.
Is renovating my bathroom before selling worth it?
As you can see, there are pros and cons to renovating your bathroom before selling your house.
Ultimately, only you can decide how you feel about whether the investment is worth it. Generally speaking, it is worth it — especially if your home features older or less attractive fixtures. When making your determination, evaluate your situation and consider whether or not a complete or partial bathroom upgrade is feasible.
Avoid renovations altogether by selling to an investor
If you can’t afford or are unwilling to renovate your bathroom, consider selling your home as-is to a reputable cash home buyer. We buy houses in any condition all over Massachusetts and are quick to close so you can move without worrying about competing in a competitive market.
What are you waiting for? Give us a call at 781-309-7085 or get your cash home offer online today!