Amid the ongoing COVID-19 pandemic, homes are serving as more than just places where you live, relax and sleep in between everything else you do in your life. Currently, many homes are functioning as remote workspaces, home gyms, and even classrooms. Aside from the obvious challenges that the pandemic has brought to our lives, it’s also forced homeowners to reassess how their home functions on a daily basis.
This, in turn, has impacted how homeowners are valuing their property when it comes time to sell. If listing your home on the market is a goal for 2021, there are a variety of home improvements that can increase your home’s resale value. Two of the top home improvements that can bring major value to your home include bath and basement remodels.
When it comes to a bathroom remodel, there are both minor and major renovations that you can do to improve home value. Here’s a closer look:
Minor Bath Renovations
Replacing the tub or shower and reglazing the tub or shower are both affordable and worthwhile investments. So too is removing dated wall coverings.
In terms of return on investment, the average real estate return at resale for the aforementioned improvements is more than 100 percent. In fact, it’s estimated that it costs about $10,500 to replace a tub and the surrounding tile, flooring, toilet, sink and vanity. That means homeowners can expect to return $10,700 on their investment.
Major Bath Renovations
More significant bath renovations include designer sinks, walk-in closets, a complete overhaul of the floor and updated countertop/vanities. These investments typically offer around a 95 percent return. So, for instance, assuming you were to expand a bathroom and perform all of the above, you’d likely invest north of $26,000 in your project. Sticking to the 95 percent return on investment rule, such a project would likely increase the property value by about $23,300 if it hit the market.
Whether you’re looking to optimize your home’s square footage by creating an additional living downstairs or you’re looking to make it into a suite complete with a kitchen and bathroom, the nice thing about a basement remodel is that you can make it as simple or as complex as you like. From wet bars and home gyms to theater rooms and man caves, you can take a basement remodel in any direction you see fit.
And being that homeowners usually recoup about 90 percent of the cost of basement remodel, a basement remodel is also a worthwhile investment when selling your home. It’s estimated that the average basement remodel costs about $51,000, meaning you’ll return about $46,000.
Contact Matrix Today
Whether you’re looking to maximize the value of your current home to be as attractive as possible in the real estate market or you just want to make your home work harder for you and your family during this time, Matrix is here to help. With expert craftsmanship, designers and project managers capable of handling any type of bathroom and basement renovation project – regardless of how big or small – Matrix can perform your next home improvement project to maximize your home’s ROI and/or meet the needs of a potential buyer. In this current COVID-era real estate market, a nice home won’t last long once it hits the market.
For more information and to see testimonials of our current and former customers that we’ve helped for these very purposes, contact us today.