When homeowners talk to us about remodeling their bathroom, there’s one question we hear more often than not: Is this a good investment?
The most important thing to remember is that you should enjoy your house! If a bathroom remodel is important to you, then it’s worth the investment every time. But, we also recognize that you want to invest in home improvements that make financial sense as well.
Let’s take a closer look at the return on investment (ROI) you can expect from a bathroom remodel and how it compares to other projects, specifically kitchen remodels.
Comparing Bathroom and Kitchen Remodels
Bathrooms and kitchens are where people spend most of their time, so it’s no surprise that they are two of the most popular rooms for renovation projects.
Buyers tend to show more interest in homes with remodeled kitchens and bathrooms, so if you plan to sell your home in the next few years, a remodel in either room could pay off in the long run. But, what do the numbers actually say?
Ultimately, the cost of your remodel will depend on the scale of your project, but generally, it’s less expensive to update your bathroom than it is to remodel your kitchen.
According to Remodeling Magazine, the average cost for a mid-range kitchen remodel is $23,452, while a bathroom remodel of the same size averages $21,377. So, if you’re looking to spend a little less, a bathroom remodel is your best bet.
That same report from Remodeling Magazine suggests that mid-range kitchen remodels yield a 77.6% ROI compared to a 64.0% ROI on mid-range bathroom remodels, but different studies suggest otherwise.
For example, a report from Zillow found that both upscale and mid-range kitchen renovations only recover about half the cost invested, so essentially, every dollar you spend on a kitchen remodel only increases the value of your home by 50 cents.
That same Zillow study found that mid-range bathroom remodels, on the other hand, typically return $1.71 for every dollar spent. That’s a pretty incredible ROI!
How Should You Decide What to Remodel First?
While both kitchen and bathroom remodels are a good investment should you decide to eventually sell your home, you should prioritize your project first based on your family’s needs.
Do you have a family member with mobility issues that needs a more accessible bathing space? Or do you have an old bathtub that rarely gets used? Then it might make sense to start with a bathroom remodel before moving onto other areas of your home.
Start Planning Your Project Today
If you’ve decided that a bathroom remodel makes sense for your family, the Herl’s team is here to get the job done!