Is Bathroom Renovations Worth the Time and Expense?
Table of Contents
Based on our experience with home renovation projects, bathroom renovation was the most requested project in 2022 and the prior few years. Kitchen renovations were a close second behind bathroom renovations in terms of popularity. Homeowners have countless options to choose from when revamping their bathrooms. The possibilities are endless, from installing new lighting and faucets to increasing the room’s square footage and putting in high-end fixtures.
Before delving into a project like this, homeowners often need more time to feel confident. Bathroom remodels can cost anywhere from a few hundred to tens of thousands of dollars, depending on the project’s scope and the materials used along the way. At the same time, renovations can take a few weeks or even months for the more complicated projects. Naturally, that leaves people wondering if bathroom renovations are worth the time and expense.
Exploring the Finer Points of Bathroom Renovations
Bathroom renovations can provide many benefits, and they can certainly be worthwhile. In truth, the overall value of this type of home improvement project depends on several factors. Among these are the types of changes made to the area, the scope of the project, and the quality and expense of the materials used. Of course, the renovation’s primary goals and the project’s outcome factor into the equation, too.
From the Perspective of Functionality
In our experience, nearly 30 percent of homeowners who remodel their bathrooms say they chose this type of home improvement because their existing bathrooms could be more functional. They may be dealing with a dated bathroom that could use a refresh with new flooring and fixtures, such as a new bathtub and toilet. Bathrooms that need to be updated and cause problems can significantly detract from the value of a home.
With that in mind, replacing problematic fixtures, faucets, and other components can undoubtedly be a profitable decision. For those who renovate their bathrooms in anticipation of selling their homes, a project like this will likely boost the home’s value and bring more money with its sale. Those planning to stay in their homes will find that a bathroom renovation can make life much simpler and more comfortable. In either case, a bathroom renovation will be worth the time and expense involved.
In Terms of Personal Satisfaction
On average, over 30 percent of homeowners renovate because their existing bathrooms need to be updated or unsightly. Constantly living with a bathroom that isn’t visually appealing can be disheartening. Making even a few minor changes is bound to impact positively, and more in-depth updates may generate even more personal satisfaction.
From this perspective, it may not be possible to place a monetary value on the outcome of a bathroom renovation. For homeowners, finally having a bathroom they’re satisfied with can be immeasurably valuable. The monetary value of a bathroom renovation is simply the icing on the cake.
In the Financial Context
That brings us to the financial aspect of bathroom renovations. Many homeowners are interested in carrying out renovation projects that are sure to get a healthy return on their investments, and rightfully so. After all, these projects can require considerable investments of both money and time. Wanting to pack the most value into the remodel is undoubtedly justified.
When it comes to monetary value, the potential returns of a project depend on the cost of the project versus the possible resale value it can add to a home. They also vary based on the quality and experience of the people carrying out the renovations. Though do-it-yourself measures don’t automatically detract from the value of a project, not having the skills and expertise to complete renovations correctly can cause numerous problems. On the other hand, hiring qualified contractors can drive up the cost of a bathroom remodel, but doing so may lead to a higher ROI.
Taking a Closer Look
With all that being said, let’s take a closer look at the possible costs and returns on bathroom renovations. As mentioned previously, the costs of bathroom renovations vary greatly. Simply adding a fresh coat of paint and new faucets and hardware may only cost a couple of hundred dollars, but it can make a significant difference in the look of a bathroom. On the opposite end of the spectrum, demolishing the entire bathroom and starting over from scratch can cost thousands of dollars, but it’s likely to generate significant returns.
When using mid-grade materials and making minor changes to a bathroom, the average cost of a renovation project is around $10,000 to $12,000. That can generate a return of about 50 percent or so. Somewhat more extensive renovations can cost upwards of $20,000 while adding about $13,000 to the resale value of a home.
From there, we have high-end renovations using luxury materials and products and making major changes. Those projects can cost $80,000 to $90,000 or more, but they may bring returns of over 60 percent. Keep in mind, though, higher renovation costs can mean something other than higher returns. Specific figures rely on the quality of the materials, the workmanship put into the project, and the enhanced appearance and functionality the project provides.
Which Measures Bring the Highest Returns?
Some renovations bring about higher returns than others. It’s best to consider the bathroom remodels’ overall goals and the project’s desired outcome. Weigh those aspects against the renovation budget to determine which measures to implement and which materials to utilize.
Having new flooring installed is one of the best measures homeowners can take to boost the bathroom’s appearance and the home’s value. Marble and granite are among the most expensive types of flooring for bathrooms. Hardwoods also fall into that category, though they may not be the most practical choice for a room often inundated with moisture and humidity.
Each of those materials can bring beauty to a bathroom. While they’re expensive, they can also significantly increase the resale value of a home. Still, less expensive flooring materials can be just as beneficial at a fraction of the cost. Those include vinyl, laminate, tile, and concrete, and they can be made to mimic the appearance of higher-end flooring without driving up the cost of a project nearly as much.
Reports show that adding a new vanity to a bathroom can generate a high ROI because it enhances the appearance of the space and its functionality. As with flooring, natural stone is a popular choice for vanity countertops and is also one of the more expensive materials. Similar results can be achieved with concrete and acrylic without spending much.
Installing a new vanity also means upgrading the sink, faucets, and cabinets. Numerous bathroom vanity kits are on the market, or homeowners can choose customized versions for their bathroom renovations. Many experts recommend adding double sinks to the mix for extra convenience and functionality. Remember, installing new mirrors can take this project to new levels.
No doubt, bathroom renovations are only complete with having new fixtures installed. Spacious walk-in showers have become highly sought-after inclusions here. In bathrooms with ample space, soaking tubs can further boost the value of such a project. Sinks and toilets are included here as well. Replacing dated, stained, unsightly fixtures with new ones can undoubtedly bring incredible value to a bathroom.
Getting the Most Out of a Bathroom Remodel
Those are only a few of the options homeowners have at their disposal for bathroom remodels. Sometimes, minimal investments bring about the highest returns. Of course, monetary value is one of many points to consider, and added functionality and personal satisfaction are worth a great deal. At Skilled Home Renovations Burnaby, we’re experts in bathroom remodels, and we’re dedicated to helping homeowners get the most value for their money. Fill out the form on our website or call us at (604) 757-1960 to find out what we can do for you.