Bathroom renovations represent a significant investment in the largest asset many of us own, our home. Because of the size of the investment, it only stands to reason homeowners think in terms of what return on their investment will be.
It’s a simple question – however, the answer has various objective and subjective dimensions.
The Objective ROI Issues of Bathroom Renovations
Many homeowners are curious about what increase in value will result if they invest in bathroom renovations. A partial answer is all home improvements increase the value of your home. But, in nearly all cases, the dollars you invest in a home improvement will be more than the return you will receive when you sell your home.
A good illustration of this is an annual national survey of remodeling and home improvement projects, the Cost vs. Value Report. The report is segmented by region with representative cities in each region. Milwaukee is the closest surveyed city to Waukesha.
The report reviews over thirty popular home improvement projects in terms of job cost, resale value and percent of cost recouped. The 2013 figures show the average return on investment for bathroom renovations in the Milwaukee area average about sixty percent return on the initial investment. The survey also shows the ROI is rising when compared to recent years.
It is important to be aware that return on investment in dollars will fluctuate with home prices. There is no guarantee your investment will return a higher or lower amount. However, over time, homes do usually appreciate and your return will continue growing. In some neighborhoods, your increase will be much higher than others.
The value of home improvements such as bathroom renovations are not limited to dollars invested. The amount you enjoy your “new” home and the increased utility you build into your home is the real value. In other words, when make your home more livable you will definitely enjoy the ride, make sure you get a fair deal when contracting a plumber.
Subjective ROI For Bathroom Renovations
Assuming homeowners can afford bathroom renovations, the following reasons are primary motivations for nearly all home improvement projects (including bathroom renovations)plum
- Improving utility of a portion of a home
- Improving enjoyment of home
- Updating fixtures & floor plans
- Upgrading fixtures & floor plans
- Expanding accessibility for physical need (accessible design – fixture additions)
- You need a different home – but like the area in which you live or have a large amount of equity in your home
- Great neighborhoods include neighbors, schools, location, amenities and favorable taxes
Perspective on Bathroom Renovations
Whatever you choose to call it, renovation, remodeling, upgrading or updating, the overriding thought should be ‘how can I improve our
home immediately’. The result of a home improvement should be immediate enjoyment of your home as a result of the change. In most cases, if you enjoy your home more, whoever purchases your home in the future will value what you added.
To get a more complete understanding of the financial side of bathroom renovations and how your dreams can be part of your bathroom design, contact the design professionals at Schoenwalder’s Bathroom and Kitchen Showroom for great designs for bathroom renovations.
Bathroom Renovations Payback (source – Cost vs. Value Report – 2013)
_____________________________Job Cost________Resale Value____Cost Recouped
Midrange Bathroom Renovations $16,549 $10,475 63%
Midrange Bathroom Additions $39,124 $23,038 59%
Upscale Bathroom Renovations $51,324 $30,574 60%
Upscale Bathroom Additions $73,384 $42,639 58%
Mid Range Bathroom Additions
Add a full 6-by-8-foot bathroom over a crawlspace with poured concrete walls. Include cultured-marble vanity top with molded sink; standard chrome faucets; 30-by-60-inch white fiberglass tub/shower with ceramic tile surround; single-lever temperature and pressure-balanced faucet; white low-profile toilet; general and spot lighting; electrical wiring to code; mirrored medicine cabinet; linen storage closet or cabinet; vinyl wallpaper; painted trim; and ceramic tile floor.
Midrange Bathroom Renovations
Update an existing 5-by-7-foot bathroom. Replace all fixtures to include 30-by-60- inch porcelain-on-steel tub with 4-by-4-inch ceramic tile surround; new single-lever temperature and pressure-balanced shower control; standard white toilet; solid-surface vanity counter with integral sink; recessed medicine cabinet with light; ceramic tile floor; vinyl wallpaper.
Upscale Bathroom Additions
Add a new 100-square-foot master bathroom to existing master bedroom over a crawlspace. Include 42-by-42-inch neo-angle shower with ceramic tile walls with accent strip, recessed shower caddy, body-spray fixtures, and frameless glass enclosure. Include a customized whirlpool tub; stone countertop with two sinks; two mirrored medicine cabinets with lighting; a compartmentalized commode area with one-piece toilet; and a humidistat-controlled exhaust fan. Use all color fixtures. Use larger matching ceramic tiles on the floor, laid on the diagonal with ceramic tile base molding. Add general and spot lighting including waterproof shower fixture. Waterproofing is such an important aspect, especially if you don’t want mold to build up in your home.
Cabinetry shall include a custom drawer base and wall cabinets for a built-in look. Extend HVAC system, and include electric in-floor heating and heated towel bars. Wall Ceramic tiles were also replaced after cleaning the mildew and mold-stains out of the walls, consequence of not having enough air flow and very high humidity concentration. Ronseal anti mold paint were also used on ceiling as a treatment.
Upscale Bathroom Renovations
Expand an existing 35-square-foot bathroom to 100 square feet within existing house footprint. Relocate all fixtures. Include 42-by- 42-inch neo-angle shower with ceramic tile walls with accent strip, recessed shower.
Schoenwalder Plumbing serves Waukesha County and Lake Country including Waukesha, Brookfield, Elm Grove, Pewaukee, Delafield, Hartland, Oconomowoc WI.