The short answer is yes, according to the 2020 Cost vs Value report prepared by Remodeling Magazine. Although to accurately answer that question, you need to evaluate your remodel. Are you updating a worn out or outdated space? Are you increasing the size of a small mid-century bathroom? Are you renovating a space that better fits your family’s needs? Are you making a space safer as you age in place, or do you just want the space to look better, so you feel better?
Unless you are completing your project for an investment, return on that investment is secondary to you and your family’s enjoyment. You have three daughters and only one sink in their bathroom, an additional sink is priceless and return on the investment, I would imagine, is way down the priority list. Improvements such as double sinks, a larger shower, or just a soaking tub that you come home to, soaking away the days’ worries in tranquility are reason enough.
The 2020 Cost vs. Value report states in the Pacific region of the country, adding a mid-range master bedroom suite returns 65.2% on the investment, whereas, if a mid-range bathroom is renovated, the return rate is 66%. With our aging population, it would make sense that a universal designed bathroom renovation has a slightly higher return of 66.1%. According to the 2020 report, an upscale bathroom remodel has a lower return on investment of 54% and adding an upscale bathroom has a 56.4% return. I would argue updating an obsolete floor plan such as adding a second bathroom to a three bedroom one bathroom home would give a much greater return on investment than stated in the report.
If you intend on living with the remodel for five years or longer, return on investment should not be a primary consideration, you and your family’s comfort and well-being should be the principal reason for the improvement. You certainly don’t want to overbuild, but the return on a reasonable investment must take a back seat to you and your family’s quality of life. According to the 2019 Remodeling Impact Report compiled by the National Association of Realtors and National Association of the Remodeling Industry, after completing their bathroom renovation, 70% of the consumers have a greater desire to be home and 58% have an increased sense of enjoyment when they are home.
A well thought-out, designed and completed bathroom remodel, kitchen or expansion is a key to adding value to your home. Remodeling or expanding your home with no thought of how it relates to the rest of the house or existing floor plan is a sure way to have a negative effect on the return of your investment. Suggestions by a talented designer/contractor will add value to your home by creating designs that addresses your needs, fits your homes style and the original architectural lines seamlessly, blending with your current floor plan and traffic patterns.
Baccaro Construction is a premier “Design and Build” contractor with NKBA certified kitchen and bath designers, working with our clients from the initial “Wish List” to setting the final finishing nail. If you are ready for your first free consultation, call us.
If you have any specific questions or suggestions for future posts, please contact me at Peter@baccaroconstruction.com.