Whether you’re renovating with a view to sell, or you’re simply looking to upgrade your home, it’s important to know whether renovations are an investment in the value of your home or simply an expense.
Naturally, upgrading any room in your home should increase the value of your home. There are of course caveats to this rule. For instance, putting a trampoline room in your spare bedroom may scratch a childish itch that exists inside of you, but it’s not necessarily doing to add value to your home.
But what about renovating key spaces in your home such as bathrooms – can this investment really add value to your home. And, if so, will the amount that you invest into your bathroom be returned in full (or more) on the open market?
How Much Does the Average Bathroom Renovation Cost?
Before we jump into the value-add of a bathroom renovation, let’s take a better look at the average bathroom renovation cost.
As a rule of thumb, bathroom renovations in Australia can range from $25,000 for small bathroom renovations to $60,000+ for larger bathrooms and more elaborate designs. Here is a rough guide that you can use to estimate the costs of your bathroom renovations:
Small, budget friendly bathroom renovations: Expect to pay between $20,000-$25,000 for a small, budget friendly bathroom renovation using basic finishes with high-quality fixtures.
Mid-level bathroom renovations: You can expect to pay between $30,000 – $35,000 for a mid-level, medium sized bathroom renovation that uses mid-range finishes and high-quality fixtures.
Large & luxury bathroom renovations: A large or luxury bathroom renovation can cost $60,000 to $60,000+. This type of renovation will include high-end finishes with high-quality fixtures and is essentially a ‘turnkey’ bathroom that is ready to enjoy.
How Long Does a Bathroom Renovation Take to Complete?
So then, now that we know the cost of a bathroom renovation – how long does a bathroom renovation take to complete?
The truth is – it’s never completely linear or predictable. There are a number of different factors that will influence how long your bathroom renovation takes to complete, including:
- The size of your bathroom
- Whether you’re undergoing a complete or partial renovation
- Any major electrical or plumbing changes
- The complexity of the bathroom renovation
- Availability of trades
- Availability of materials
- Any specialty products/finishes that are requested
As a rule of thumb, a simple bathroom renovation can take as little as two-weeks to complete from start to finish. At the other end of the scale, a complex bathroom renovation may take up to (or in excess of) eight weeks to complete.
How Much Value Can a Bathroom Renovation Add to Your Home?
So, now we know how much a bathroom renovation costs and how long a bathroom renovation takes to complete, let’s get to the question at hand – how much value can a bathroom renovation add to your home?
To be transparent, there is no rulebook on this. There are a myriad of different factors that will influence how much value a bathroom can add to your home.
It is widely acknowledged that bathroom and kitchen renovations are the two types of renovations that can add the most value to your property.In some cases, a bathroom renovation can add as much as 10% to the value of the property. Of course, the actual value that it adds will depend on the condition of your current bathroom, the quality of your bathroom upgrade, and the total value of the home.
With all of this said, we can confidently advise that a bathroom renovation is an investment in your home – not an expense. Upgrading your bathroom can add significant value to your home and (in almost all cases) the value that is added from the bathroom renovation costs is far outweighed by the amount of value that is added to the property. Additionally, bathroom renovations are tax deductible for investment properties, which further enhances the financial value of the upgrade.
Tips for Creating a Value-Adding Bathroom to Your Home
Renovating your bathroom is one of the best, value-adding investments that you can make in your property. With that said, if your goal is to increase the value of your home, there are some important rules that you should follow to ensure that you get the best return on your investment when your home hits the open market.
1. Ensure that your property is in an overall good condition
Before you invest in a new bathroom, it’s worth considering the overall condition of your property. For newer properties, or properties where you know the next owner will be moving in with minimal renovations, a bathroom renovation is a worthwhile investment.
If, on the other hand, the overall condition of your property means that the new owner may invest in more significant home renovations – then a bathroom renovation may not be worth your money or effort. Think about it like this, if your home listing is likely to utter the keywords “A renovator’s delight”, then you may be better off saving your money.
2. Choose a style in-keeping with your home
This one is simple – but it’s essential. Make sure that you choose a bathroom style that is consistent with the rest of your home. It’s one thing to update your bathroom, it’s another thing to update your bathroom to the extent that it looks completely out of place with the other rooms in your home. Choose period-correct designs and timeless fittings to ensure the long-term value of your bathroom renovation.
3. Focus on quality
When it comes to bathroom renovations, prospective buyers can spot a cut-price renovation job from a mile away. If you’re going to update your bathroom for the sake of increasing the value of your home, then it’s essential that you do it properly. This goes for your chosen builders and designers, as well as the fittings and finishes that you choose.
4. Consult with bathroom renovation experts
Before you do anything – talk to Perth’s bathroom renovation specialists. Bathroom design and renovation experts can help you to make the most of your space and choose designs, fittings, and finishes that are going to add value to your home. With the right team and the right vision, a bathroom renovation can be one of the smartest, value-adding investments that you can make in your home.