If you’re looking to sell right away, there are several larger upgrades you could do that don’t cost a fortune, given the small dimensions of many bathrooms. For example, you might paint, add a new floor and vanity countertop for less than $1,000, especially if you use inexpensive vinyl. Adding a new toilet is also a smart upgrade because it can improve the look of the bathroom, while also making your home more water-efficient.
The average bathroom remodel costs $9,313, but you can spend a lot less between $500 to $1,000 - to fix up the essentials in a bathroom. On the other end of the spectrum, you could spend more than $20,000 turning your master bathroom into a spa-like oasis.
Keep in mind, it doesn’t necessarily mean the more you spend on a remodel, the more you will gain in value. A minor bathroom remodel could have the potential of return on your investment of 2% to 3%. Again, cost versus value comes into play and needs to be taken into consideration before you spend a dime on upgrading your bathroom(s).
There are also other factors that vary from house to house and sale to sale, such as what updates are typical for the neighborhood, the quality of the work, and how important the improvement is to a buyer. A home’s setting also affects its value, as does the availability and cost of new and existing homes in the immediate vicinity.
However, having updates can also be the determining factor between your home and a competing home on the market. So, if you want to increase the value of your property with enough time to enjoy those improvements while increasing your odds of being the home picked for contract, then improvements are a good idea. For the latest information on the value of remodeling, check out the new Remodeling Impact Report from NAR and the National Association of the Remodeling Industry.
So, if you’re thinking of selling your Austin home and doing a remodel before you sell, make sure you put pencil to paper and figure out the cost versus value. Not all kitchen and bath remodels are worth their weight in gold. Ask any Realtor and they’ll tell you that to make money, you need to spend money, wisely, especially when it comes to remodeling and adding value to your home, with the hopes of selling it for top dollar.