Recently, I sat down with luxury real estate expert, Aileen Comora of The Agency's Beverly Hills Office to discuss the perceived and added value of bathroom remodels. Ms. Comora had an interesting perspective as both a buyer who remodeled her home and being one of Los Angeles’ premiere real estate agents. “A really nice bathroom enhances your life psychologically. Some people have to have a bathtub in their bathroom. Think about your life and the lifestyle you want to live. If you home is your haven, invest in it like you would a really nice pair of shoes. Surround yourself with the best of everything,” she said.
Ms. Comora also noted, some luxury homebuyers are looking for something that is completely turnkey and ready to move in, while others are looking for a project to make it personal to them.
With any major bathroom remodel, you should consider: your motivation; how much you will spend; and the anticipated return on that investment.
Perhaps you plan to sell and hope this renovation will impact resale value, in which case your goal is a direct monetary return. Updating your baths may be enough to give your house an edge over other homes for sale in your area. How much of your investment are you likely to get back in resale value of your home in Los Angeles? Our research found, a typical bathroom remodel begins around $25,000.00, while a more upscale remodel will start at $58,000.00. According to a report compiled by Remodeling Magazine, you can recoup approximately 55-60% of that cost in the resale value. Other sources have put that number much higher.
HOW MANY BATHROOMS SHOULD YOU HAVE?
Most homes are equipped with plenty of bathrooms. Depending on the size and date of your home, it may only have one or two bathrooms. For most in the luxury market - they expect more. Remember, they lived a much different lifestyle than we do today. Prospective buyers expect to see multiple baths. Most of them know the time and resources involved in adding new bathrooms - which may be a deal breaker. Some have suggest considering adding the second bathroom before you update the existing one. Buyers will definitely be more attracted to your home. Some reports say you can recoup 80% or more of the remodeling expenses. What a great return on investment!
WHAT DO OTHER HOMES IN YOUR NEIGHBORHOOD HAVE?
Do your research. Find out what is typical in your area and look at what the popular features are for homes for sale in your neighborhood. How much you get back depends in part on the value of homes in your area, the value of your home, and the quality of your project. Also, make sure you invest what is inline for your area and neighborhood. It isn't wise to invest so much that you price yourself out of your neighborhood.
MAKE IT MOVE-IN READY
We spend a great deal of time in our bathrooms. They can be the most expensive and difficult to renovate spaces in a home to renovate. Some perspective homeowners want the feeling they can move in without undering major remodeling - an attractive bathroom design is one way to aleveate that stressor. Make sure structural elements are in shape but also focus on visual items like tiles and fixtures that will grab attention their attention.
GO FOR THE WOW FACTOR
Pick a few select items that will catch people’s attention as soon as they enter the room. A large glass shower enclosure, a stunning vanity, or an eye-catching tile detail will enhance the space and make it more appealing. Depending on available budget and the value of your home, you may need to pick and choose which items to incorporate. Use a more expensive tile for a feature or opt to update faucets and sinks. A few high-end details are enough to give your bathroom design the updated look you want to appeal to potential buyers.