Yes, if you have the budget for it, and your current bathroom is tired and outdated, you should definitely consider it. A bathroom renovation is one of the rooms that will give you the biggest bang for your buck when you sell.
But you don’t need to throw exorbitant amounts of money at renovating a bathroom to get a decent return. Overcapitalising on a bathroom renovation is a common mistake that people make.
While a $65,000 bathroom ala The Block might look lavish, filling your bathroom with expensive gold taps and floor-to-ceiling tiles may not be everyone’s cup of tea. In fact, it might put people off if it’s not in keeping with the rest of the house or what people want.
Have a chat with your agent about what potential buyers in your neighbourhood might be looking for in terms of bathroom features. If it’s a family orientated area, water efficient fixtures will be top of their list along with storage space. If it’s an area dominated by wealthy couples then they’ll be impressed by luxury details like spa jets in the bathtub, underfloor heating and his & hers sinks.
The cost of renovating a bathroom can depend on a number of variables, such as the size of the area and the quality of the fixtures and fittings you choose.
Not surprisingly small bathrooms are less expensive to renovate than larger bathrooms due to the fact they have less square footage. They also require less materials, such as tiles, to fit them out. But if you have a larger bathroom you still don’t have to go overboard.
According to Finder.com.au the cost of a medium-sized bathroom renovation could be either:
While the labour cost stays the same in all three scenarios ($12,288), the price of the fixtures, fitting and materials vary markedly. Instead of having a $3,000 bathtub you could install one that’s only $300 and no one would probably know the difference.
You need to determine what will pull the right emotional levers with buyers - high end fixtures and a spa-like retreat or lower end fixtures and a clean, uncluttered ambience.
The general rule of thumb with costing out bathroom renovations is to stick to 2% to 3% of the property value, and consider whether the renovation makes sense financially.
If you think your buyers are after a spa-like retreat then staging your bathroom properly once it’s renovated can also make a huge difference to how buyers perceive it.
You could pay for a professional home stager but if you’re doing bathroom renovations on a budget it’s easy enough to create a spa-like ambience yourself. You’ll need to:
Check out Houzz for some more beautiful bathroom staging ideas.
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