Joseph Talbot, Real Estate Broker - HOME IMPROVEMENTS THAT IMPROVE VALUES

CHAPTER 11 Bathroom Renovations and R ations and ROI If you are looking for the greatest sale price ROI on your renovations, the place to look is your bathroom(s). If your home has only one bathroom, you can recoup much or all of your investment by adding another one. HGTV estimates that the ROI on bathroom renovation spending is 80-130%. According to the estimates provided by the Canadian Real Estate Association®, remodelling a bathroom can recoup 60% of the amount you've put into bathroom renovations. Talk to your real estate agent about what this really means in your market and how it will affect your bottom dollar. Look at extra rooms or underutilized spaces to find room in your house for an additional bathroom. Consider areas such as closets or spaces under the stairs too. You will need at least 18 square feet for a half bath and a minimum of 30 square feet for a full bath with a stand-up shower. If you want to install a bathtub, make sure you have at least 35 square feet to work with for an addition. While sinking $10,000 into average bathroom remodelling and $26,000 or more for an-upscale renovation — the national averages, according to Remodeling magazine), may seem like an extravagant expense when trying to sell your home, the most high-traffic part of your home (what day don't you use the bathroom?) is very important to the buyer's decision-making process and subsequently to your home's value. Many people look for an immaculate, modern bathroom when viewing homes to purchase. Unfortunately, nothing is more alienating to a prospective buyer than an outdated, dysfunctional space — especially considering the high costs and headaches 74

Powered by