So, the roof doesn't leak, the air conditioning system runs properly, and the basement is dry. Those are the first steps. If you are reading this blog post before the basic structure and functions of your home are sound, STOP HERE. Fix the basic things first. Thank me later.
If your home is running smoothly with none of the basics out of place, it may be time for the more glamorous home improvement projects. But I cannot emphasize enough how important it is to know which projects will actually be worth the investment. Is there a point of investing in an oven that costs tens of thousands of dollars if the house is only worth $250,000? Most real estate experts would say no. However, that does not mean that bathrooms and kitchens are not worth investing in. According to experts in the market, the kitchen and bathrooms are the rooms that home builders splurge on, so many buyers look for these deluxe rooms when they are shopping existing homes as well.
The data doesn't lie. As a national average according to Remodeling Magazine, you are likely to get 86.4% of your value invested back during a resell for a bathroom remodel. More specific areas, such as Baltimore and Washington, D.C., offered returns of more than 100% on a bathroom remodel. Even if you do not receive 100% back in value, you are still benefitting because you get to live in your personally redesigned space before you sell.
Another important note, a flashy bathroom is appealing to buyers, but it's definitely worth investing the money in a second bathroom if the home is a three or four bedroom and one bath. A bathroom addition has twice the resale value of an additional bedroom. The flashy additions are fun and can absolutely add value, but once the excitement fades, it's the practicality that remains.