WHAT IS THE R.O.I. OF MY HOME REMODEL?
If you are remodeling your bathroom but still intend to live in the home, then the obvious return on your investment is a beautiful new space. However, if you are thinking about selling the property in the future, then understanding your investment is important. At Kingdom Home we are asked, “How much will my remodeling project increase the value of our home?” In this article we are going to address this as well as other common questions around your next home remodeling project.
WHAT TO EXPECT WITH YOUR BATHROOM PROJECT
When thinking about selling, many homeowners consider remodeling areas of the home that might need a facelift. Remodeling a bathroom before you resell can really help attract more buyers. However, getting every dollar invested back at the time of resale may not always be guaranteed. How much your remodel costs will be based on a few different things, Including the remodeling company you decide to hire, the size and scale, and martials used in your project.
For 2021 a report from Zillow indicated a bathroom remodel in Las Vegas could increase in home’s value by $1.71 for every $1 you spend! And another report according to Opendoor’s, adding a full bathroom can increase the median home value by 5.7% on average, which is a dollar increase of about $17,638 in Clark County. This includes painting, refinishing cabinets, upgrading hardware, and more. Even if you only have the time and budget to make small improvements, focusing on bathrooms is usually a smart move!
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As a homeowner, you have complete control of your home, as well as a bathroom remodeling project. For example, if you were looking to remodel your home, but had a limited budget, you could decide to only include parts of your bathroom that you would like remodeled. If money is not an issue, you may even make the decision to remodel your entire bathroom. In addition to deciding what sections of your bathroom you want remodeled, you will also have control over the products and materials used in your project.
And, most important, we recommend getting input from an expert remodeling contractors like Kingdom Home, before starting demo and see how much your home value might increase after a bathroom update. This can help ensure you are bringing your kitchen up to the standards of the surrounding homes in your neighborhood.