One recurring problem in older homes in South Carolina is the inability or reluctance of the homeowner to update their bathrooms prior to selling. Homes will always sit longer on the market if the kitchens and baths are not recently upgraded. Recently meaning, in the last decade. Even if you don’t plan on selling your home, you may want to upgrade all the same. Updates and upgrades lead to more energy efficiency and add value for your possible future needs.
Before you begin to look at what you can and should spend to renovate your bathroom, you first have to consider what is the “norm” for your neighborhood. Everyone likes to put their own tastes in their home decor, however if your renovation is driven by improving the value of your home, how much you invest needs to be rationalized by what is expected in the area. In other words don’t over improve for the neighborhood, and certainly don’t go over the likely costs that a home in your price range would be expected to invest.
Example: A home with an appraised value of $150,000.00, with comparables in the area ranging in the $150-200,000.00 appraisal range would not yield a return on their investment with a $100,000.00 renovated bathroom. Even if you have the most lavish bathroom on the block, potential buyers in that price range are probably not willing to pay the extra $100,000.00 you spent on your renovation for a bathroom. If the homes in your area have average bathrooms that have not been upgraded in the last ten years then you are wise to make upgrades that are modest. Modest, but not necessarily builder grade boring. Pick and choose the upgrades carefully. You can pick a splurge item in your bathroom and then adjust the budget around that. If your competition all have average original bathrooms, any modest upgrade is an advantage over them.
Suggested splurges would be a jetted tub, upgraded vanity or vanity top, upgraded stone tiled flooring. Perhaps if your bath and budget allows, a separate standing shower. The main thing to remember is that the budget has to make investment sense even if you don’t think you will ever sell. Many times people sell later in life after the loss of a loved one, or a medical emergency that was unforeseen and in those instances we can not always predict how or what our future circumstances may dictate. With that reality in mind, a renovation could make all the difference in what you get for your home in a cash out refinance or if you have to sell.
Your home will always need a great appraisal to refinance, and/or to sell. Kitchens and baths need to be regularly updated about every ten years as a good rule of thumb. If you are still sporting a retro seventies bath or kitchen, and have a small budget, try upgrading gradually. One project here, another there. Just don’t make the upgrades extend over a five year period or you could end up back at square one.
For more articles and information on Interior decorating, see: Dawn’s Interior Design Solutions
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