No matter if you own your own home, or you are a landlord, you should be trying to increase the value of your houses. Value is often added as a result of improving the asset price, it can be added by letting you to request more rental if you are a landlord, or if you looking to sell your house, value can certainly be increased because of the extra selling price you receive when the house is sold.
Can a new bathroom increase the value of the home?
There are numerous areas in the house which could be refurbished to improve the value of the house. One of the best areas to renovate would be the bathroom. This area of the house also delivers one of the best return on investments you can make. Your kitchen and the bathroom are two areas that are always checked out by potential buyers and renters first. Both these areas can make the difference between a yes and no. Usually the kitchen is significantly more costly to renovate compared to the bathroom. Just look at the items that need replacing in a kitchen – cupboards, fridge, sink, dishwasher, stove and oven, plus a number of other gadgets. The bathroom on the other hand requires a much smaller budget to renovate.
Consider what is contained within your bathroom. A shower, a bath, a sink, and a small cupboard. Now compare this to the kitchen. The same applies even if you have two bathrooms. A newly renovated and clean bathroom can make a good impression.
It depends upon a number of factors (tiling, size of bathroom, appliances, access etc), but a bathroom renovation can cost as little as $7000. (The renovation could also cost upwards of $20k). Even if you invest a lot of money, you will always have it returned with a bathroom renovation. The increased interest from buyers leads to extra price from the sale of your home, is easy to attribute to your renovated bathroom. Renovations are often tax deductible for landlords, and will also increase your rental charge. Either way, you will get your money back and more.
Houses aren’t the only buildings which will add more value by building a bathroom or renovating the current one. If you own or work in an office, have you considered adding a public bathroom or bathroom for per people with disabilities? This can give your company a good image and increase its client base. After all, a company with a modern and practical bathroom is obviously a professional company!
Fittings and furnishings can also increase or decrease the quality of the bathroom renovation. There is no point in choosing cheap imported fittings that not only look ugly but will also fall apart quickly. Caroma, Dorf, Fowler and Aspire are the safest brands to go with. This applies no matter whether you are a house owner, landlord or office tenant.
The final thing to consider is adding an ensuite to your main bed room. An ensuite is convenient and a little bit of a luxury, that will again add significant value to your house. It does not need to be large, the ensuite can be as simple as a toilet, shower and sink. Done correctly an ensuite can be worth three times the cost of having it installed.
It is advised to use the services of a quantity surveyor if you’re planning on adding or renovating your bathroom. The surveyor will help you to establish if you are entitled to any tax benefits and can calculate the value added to your house. If you are now considering a bathroom renovation to add value to your house, go and get a quote from a local bathroom company.
Are you currently trying to assess if you can afford a renovation? Why not click here and obtain a free quote. You may be suprised at just how inexpensive it will be.
Author: Magan TuffThis author has published 2 articles so far.