Experienced and seasoned real estate agents advise home sellers that upgrades and renovations make a big difference to home buyers.
They often state that luxury bathrooms and kitchens are what buyers want most.
A recent first-ever Remodeling Impact Report, by the National Association of Realtors and the National Association of the Remodeling Industry, proves it true.
Bathroom renovations ranked third in projects that appeal to home buyers. Only kitchen upgrades and complete kitchen renovations listed higher for desirability. Adding a new bathroom ranked fifth. This makes bathrooms and kitchens the most important areas to focus on when considering upgrades or renovations.
Even better, bathrooms and kitchens are the top four for increasing the value of a home resale. An estimated bathroom renovation costing $26,000 adds $15,000 to a home’s price, or a 58 percent recoup of the job cost. Adding a bathroom with an estimated cost of $50,000 increases the home’s value by $26,000, or 52 percent of job cost.
Remodeling magazine confirmed the return on investment in their 2016 Cost vs. Value report. They examined 27 common remodeling projects, and their finding showed a luxury bathroom remodel or luxury bathroom addition has a 56 percent and 58 percent cost-value ratio.
Moreover, Remodeling magazine found the demand and value for such remodeling projects have increased since 2015. They stated, “Bigger and more expensive projects, rising new-home prices, curb appeal, and energy efficiency all contributed to a slight gain in remodeling projects’ payback at resale, the 2016 Cost vs. Value report shows.”
If you would like to talk more about luxury bathrooms, or need more information, please contact us.
