Return on Investment – Blog 6 – Bathroom Renovation
Are you renovating your home? Ever wonder what’s worth it and what’s not? Want to know what’s trending and what’s in the past? Before you consider that towel warmer, read on and see bathroom renovation options that offer the best ROI for you.
When it comes to bathroom options there are so many to choose from. We’ve consulted with real estate expert Lance Philips to get his opinion on what features of your bathroom renovation will entice buyers and which will be considered “money down the drain” when you go to sell. We’ve asked him, “What bathroom extras add value?”
Double Sinks
“In new homes or a luxury renovation, double sinks are a must”. If that was an item you were considering on dropping to save space and money, it is ill advised. You can even get double sinks to fit in tight spaces of 48 inches. Yes, you are adding to the budget of fixtures with an additional faucet and rough-in water lines and drains, but relatively little in the long-term. If you don’t have a double sink in the master bath, buyers may see that and be left with the impression that they will have to do a renovation. If you’ve just gone to all the trouble of a renovation it’s not the impression you want to give!
Steam / body sprays and “fancy gadgets”
“In a 5000 square feet new home, steam is also (surprisingly) a must.”. For things like body sprays it becomes much more area specific. “It depends on where you are. In Edgemont and Central Lonsdale, body sprays and fancy gadgets are becoming expected. In other areas such as Norgate, not so much.”. You do want to improve your house, but in keeping with the neighbourhood.
What about bathtubs?
As expansive walk-in showers have become more popular, there has been a growing trend to remove a bath tub to make room for a luxurious shower. Lance’s advice: “There has to be a bath tub in the house” – especially when you’re selling to families. In a neighbourhood like Lynn Valley for example, buyers will most likely note the loss of a tub.
The type of tub you put in, from built-in skirted to stand alone models, ROI will depend on the price point. If your market price is in the 2.5 million range, a luxury tub should be considered. For 3 million and up, a spa-like ensuite is required.
Towel warmers?
It’s rare to find a home with towel warmers and they tend to not be a feature that sticks out for buyers. The idea of a warm towel is lovely but it’s not an expectation. The disadvantage is that they take up quite a bit of room on the wall, and need to be incorporated into some type of system, either water heat or electricity, which could be more expensive than it’s really worth. We don’t think you’d get your money back on the expense so unless it’s strictly for your own desire, save your money.
Heated floors?
Absolutely! Heated tile floors in a bathroom at almost any price point where a renovation has been done, are expected. There are many different types from user-friendly DIY projects to boiler fed, professionally installed radiant heat. See the full blog on heated floors as part of this ROI series.
It is well-known real estate advice to say that you don’t want to have the most expensive house on the block. Keeping these tips in mind will help you make some good choices and ensure you get the return on investment that you’re expecting.
