Bathroom Renovations For Adding Value To Investment Property

September 22, 2011

Interior Renovation

Bathroom renovations have proved to add substantial value to investment property.

Till a few years ago it was kitchens and bathrooms that were scrutinized by prospective buyers and became the deciding factor for a sale.

Now however, real estate experts feel bathrooms take precedence. Though tucked away in corners in a property, bathrooms have to be not just utility rooms, but people now want them to be glamour rooms, that are bright and beautiful with a décor that pleases.

However bathroom renovations can prove to be a big expense, with the kind of fittings and fixtures available. Designer bathroom look exquisite but perhaps are not worth the expense. The focus for an investment property has to be to renovate at a reasonable cost, while ensuring a highly functional bathroom that looks elegant with coordinated colors, tasteful trimmings and so on.

How to renovate bathrooms to add value

  • Fix a budget and stick to it- As in all renovations bathroom renovations can see major budgetary overruns. So it is perhaps better to first check out the various fixtures that have to be replaced, their cost and then fix a budget. The idea being not to choose the cheapest products but finding those that are a balance between quality, looks and expense. But having decided on a budget, it is important to stick to it. Typically, a mid range property must have a bathroom renovation costing approximately 1-1.5% of its pre-renovated value, to yield positive returns.
  • Save and re-use what is in good condition– While renovating, some of the old fittings may be new and blend well with the renovated interior of the bathroom. It will add to the beauty of the place and save money.
  • Quality and cost must be balanced– With designer brands available for bathrooms, it is important to find good quality that looks good as well, without costing too much. The bathroom needs to have that instant appeal with a pleasant appearance and not necessarily have the best brands to boast about.
  • Use safe shades– In an attempt to have that eye-catching appeal, bold colors and darker hues have surfaced for bathroom accessories. However, these may not have universal appeal, and must therefore be avoided for an investment property. Selecting lighter hues and safe shades like, ivory white, beige and light blue may have more takers.
  • Add to its longevity– while selecting bathroom accessories, it is preferable to avoid dainty and delicate ones, since they will not stand the test of time. This is especially true for flooring and wall textures, which must be sturdy while not costing too much. Longevity is important, since it is difficult to renovate frequently.
  • Neat finish enhances appeal- while labor expenses have to be kept low, bathrooms need an expert job to ensure a neat finish, well-finished corners and perfectly fitted accessories. An inexperienced worker will not be able to do a perfect job which will be easily visible. So cutting costs elsewhere and paying for an experienced plumber makes sense.

Bathrooms will add value to the investment property if the renovation job is good and has universal appeal without letting costs soar.

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