When discussing bathroom remodeling projects with my clients, the question usually comes up as to what is a reasonable amount to invest in a bathroom remodeling project in their neighborhood and what will be their return on investment. Of course there are multiple factors to take into consideration when pondering this question. Home values in the area is usually the first factor I consider. If you live in a modest neighborhood, investing say $20,000 in a tile and stone bathroom is not going to have a practical return on investment. However, if you plan on living there for the rest of your life, you may not care, which is a comment I get quite often. On the other hand, if you live in an upscale neighborhood, NOT investing $20,000 in a tile and stone bathroom could have a negative effect on the value of the home.
Bathrooms and kitchens have the biggest return on investment of any other area of the home, because everyone needs them. Whereas say a family room addition may not appeal to a future buyer if they don’t need the extra space. According to Remodeling Magazine, you can expect to recoup up to 80% of your investment in a kitchen or bath if you consider the factors mentioned above, so it’s a pretty good place to put your money and enjoy the newly remodeled space at the same time. You just have to ask yourself if you care if you are over or under improving for your area.
Patrick Benkowski, CR
Roadrunner Custom Remodeling Inc.