If you are considering remodeling parts of your home to either increase the sale value, or make it more attractive to buyers, it’s important to understand that not all renovations are created equal. Upgrading some parts of your home will add more value to the property than others – even if you have spent the same amount on bringing them up to date. Below we take a look at renovating the master bedroom and bathroom and the kind of return on this investment you might expect in terms of property value.
Top renovations for increasing property value
If you google the best renovations for increasing the value of your property, it’s likely you will get a list of suggestions to improve energy efficiency, add more square footage or convert your basement area. While all of these can add value to your property, it may not be the best investment if you are planning to move. No-one wants to spend thousands on a property they are preparing to leave – unless that money is guaranteed to come back to you on the completion of the sale.
Kitchen and bathroom renovations always come out on top when looking for renovations that add value. However, these can also be the most expensive renovations for a home, so it is wise to think carefully before embarking upon a total kitchen or bathroom refit. There are other ways to renovate that cost less and provide the same (or better) bang for your buck.
Where to start with master bedroom and bathroom renovations
In most cases, arranging to update the bathrooms of your home, will provide a good ROI and also entice buyers. This doesn’t mean you should rip out all the fittings and fixtures and replace everything.
Master bathrooms can be updated relatively easily by replacing a few key items – vanity, flooring, tub and shower – or by simply re-caulking the bath, installing new fixtures and updating toilets. A low to mid-range update of the bathroom will generally bring a better return than a luxury refit and it’s estimated you’ll get around 102% ROI for your effort.
When it comes to the master bedroom, a lick of paint or wallpaper in neutral colors will freshen things up and lighten the room. Get rid of the clutter and update your bedside table so things can be stored out of sight. Make sure you still have room for bedtime necessities such as your alarm clock, essential oils to enhance rest and a book or journal.
These changes will make the master bedroom more attractive to buyers and also turn it into a haven for rest so you won’t be losing sleep over the sale of your home either. A simple lick of paint to your home can provide a 109% ROI making this one of the best value updates you can apply.
Other updates to consider
If you are serious about selling your home, take the time to chat with your real estate agent about the kinds of updates and renovations that are most likely to add value to properties in your area. While a car parking space may boost the value of a city apartment, a beautifully functional bathroom or open plan kitchen and dining area could be a better choice for homes in the suburbs. Each area will have idiosyncrasies and learning which apply to your location should inform the decisions you make for your own home.