Simply Baths & Showcase Kitchens owner Barry Miller addresses your top remodeling concerns, so you can make the most of your space, time and budget.
You asked: Why should I remodel my bathroom?
Barry’s answer: There are three main reasons you should consider upgrading your bathroom.
1-Remodeling for personal enjoyment, with no immediate intention for sale
In this case, most product selections are based on needs and wants, and not investments. A space like this will likely have a significant “wow” factor, but a highly personalized space may not net a high-percentage return on investment. It’s important to note, though, that the main components of a bathroom remodel are the same, and account for most of the cost. Once you’ve committed to a remodel, the cost for spa-style amenities such as body jets and steam showers only amounts to, approximately, an additional ten percent.
2-Remodeling for immediate sale
If this is your primary motivator, you’d remodel for the lowest possible cost to convey current style and maximize value for your investment and quality of construction. The styling should reach the broadest possible market, without being too generic.
In today’s market, buyers are expecting homes to be in move-in condition. With financing tightened, much larger down payments are needed to obtain a mortgage. Given the high cost of housing in Fairfield County, it could take a buyer’s total savings to make the purchase a reality. This is especially true at the lower end or first time buyer portion of the market.
3-Remodeling for sale in 3-5 years
You would approach this much the same way as you would for immediate sale. This is harder to decide on, though, because in that time frame it could be worthwhile to add some additional amenities that you would enjoy for the remaining time you own the home, but could potential decrease the return on investment.
Additional expenditures can be analyzed as follows, using radiant heat as an example. From the resale perspective, having radiant heat would not make or break a sale. But it does offer an emotional hook that could generate some excitement – and houses at a similar price point may not have it.The cost investment could net a substantial return on the money invested. However, from the personal enjoyment aspect, there is a way to analyze or evaluate whether it is worth spending the money. Let’s say the radiant heat added $2,000 to the cost of the project and you were staying three years. It would only cost you $1.85 per day to enjoy the amenity ($1.10 per day for 5 years.) This way, you can evaluate if it is important enough to add, even if it is not adding anything to your financial return on investment.
Although it may not translate into a 100% return on investment, having the bathrooms (and kitchens) remodeled will reduce the number of days the house sits on the market. This represents a hidden return on investment. A quicker sale means lower carrying costs, less aggravation with showings and a shorter period of uncertainty before moving on with your plans and your life. This could be important if you are having to heat the house for another winter, or the next years taxes are due.
If you have any questions, or there’s anything we can do to help you – wherever you are in the remodeling process – e-mail us at email@example.com, or call the showroom at (203) 445-2902.