Upgrades That Add Value to Your Home Part I: Home Value Multipliers
It’s a new year and if you’re like most homeowners, you may be considering upgrades you’d like to make to your home this year. If you plan to eventually sell your home in the future, bathrooms and kitchens are the best rooms in your home to invest your home improvement dollars. Starting in the bathroom, what are the upgrades you should consider that will add value to your home when you decide to sell a few years down the line?
Home value multipliers for the bathroom
If you have a generous budget available, you can make some impressive upgrades without having to completely gut and remodel your bathroom. Here are just a few upgrades that really pay off when it comes time to list your home.
– Additional square footage: If you can expand the size of the bathroom by moving or relocating a wall, larger bathrooms are in high demand with buyers and can give you space to do some of the other upgrades on this list.
– New vanity with granite counter and double sinks: Larger vanities with double sinks impress buyers. Buyers also look for granite surfaces as granite provides a sense of timeless elegance. There are a variety of options and price points to choose from so don’t feel you have to bust the budget on your granite sink top. Even a cost-effective lower-tier granite will add more value than either Formica or laminate.
– Custom shower: Buyers love custom showers with built-in shelving, seating, glass doors and luxury showerheads. If your bathroom includes a separate bathtub, you’ll want to make sure to upgrade the bathtub as well. Even a simple deep garden tub in style that compliments your custom shower will work better than a dated bathtub from 1973 that feels out of place and overlooked.
– Additional lighting: Adding recessed lighting and/ or accent lighting to the existing lighting, particularly in larger bathrooms, brightens up the overall room and showcases the other upgrades you’ve made.
– Extra storage: Adding extra storage to the bathroom, whether by creating built-in shelving or installing additional cabinetry, make the room feel complete and buyers are always looking for more storage space!
Common Sense Disclaimer
When considering any upgrades to your home, you want to keep the average home values in your area in mind. If the average home value is around $150,000 in your neighborhood, spending $50,000 or more to completely remodel only a single room will potentially price your home out of your local market when you finish desired upgrades throughout the home. Over-spending on upgrades can make it difficult to sell your home at a price point that recoups your investment. Aside from actually adding bedrooms, bathrooms or overall square footage to your home, you’ll want to keep your upgrade investments in line with what you can reasonably expect to get back with increased home value when you’re ready to sell.
Knowing which bathroom upgrades that will add value to your home can help you decide what changes to invest in. While any upgrades you make should be ones you’ll enjoy as well, choosing classic and neutral options will give your bathroom a timeless feel that will increase your bottom line whether you decide to sell next year or in 10 years. When the day comes when you are ready to list your home, Century 21 Broadhurst can help.