Bathroom Remodel Makes Top 5 List for Best ROI
In November 2010, Remodeling Magazine’s Cost vs. Value report was published with what some might call fairly bleak information and numbers. This report looks at the average cost of specific home improvement and remodeling projects, and compares how those projects will affect a home’s resale value.
In previous years, certain projects were practically guaranteed to increase the resale value by more than the cost of the project itself. Those days are gone, and what homeowners are faced with now is sagging or stagnant home values and only recently declining overall construction costs.
The lowering of overall construction costs makes for better conditions for the Cost vs. Value percentages to improve, but while the housing market remains unstable, recouping project costs through resale value shouldn’t be the primary motivation for a remodel or improvement.
Many Portland plumbers will tell you that successful projects to take on are those that will increase your enjoyment of the home, while still having a positive impact on resale value, now and in 10-15 years. A perfect example is a bathroom remodeling project. Installing new bathroom plumbing, replacing your cabinetry or countertops, and even installing a new faucet will affect your enjoyment of your bathroom space, and usually do improve your home’s resale value.
If you’re considering a bathroom remodel, most Portland plumbers would recommend that you have a look at the condition of your bathroom plumbing in addition to your bathroom fixtures, and take care of any needed replacements. Another excellent recommendation is to look at how efficiently the space in your bathroom is used, and where you could make improvements. If you have a small bathroom, maybe replace your pedestal sink with a sink and cabinet combination that will provide needed storage space. If you are thinking about installing a new faucet, consider a low-flow or water-saving faucet to help lower costs over time.
On this year’s Cost vs. Value report, a bathroom remodel project is currently projected to increase resale value more than 60% of the project cost, while a bathroom addition should increase resale value by just over 50% of project cost. Not superb numbers when that’s all you’re looking at, but when you consider how much you might enjoy a redesigned or additional bathroom in your home, there is definitely still sizeable value in these projects.
To get started on your bathroom remodel, call 3 Mountains Plumbing today!