Remodeling a Bathroom for an Investment Property or for Resale
Remodeling your home to use as investment property or for resale (rather than to use it as your primary residence) makes a difference in how you approach your remodeling project. Bathroom renovating can be a great way to increase the value of the property and increase the desirability or salability off the property.
Bathroom Remodeling for Investment Property
The first thing to remember when remodeling a home that will be used as an investment property is that this will not be your primary residence. This will help you focus on your goal: getting the best price for the house. If, on the other hand, you are planning to turn it into rental property, your focus should be making it attractive to prospective renters while keeping your overhead low. Your return on investment will be the transfer of payment of the mortgage.
As we stated before, you need to keep a low overhead, but also it’s important to make the property look attractive to potential renters. If you haven’t spent any time or money on the outside of the property, people will be immediately turned off. When potential buyers or renters walk through the front door, they have to like what they see. Think about your first home or apartment. What grabbed your attention when you first saw the place? If you toured other places, what was it about them that made you not consider living there?
Keeping the property attractive to potential renters
To keep your investment property attractive to renters, as well as economical for you, you need to walk a fine line: spending enough money to make it attractive, while making it cost-effective for you as the property owner. It’s not necessary to install luxury or top-of-the-line features, but you don’t want t buy the lowest grade of fixtures wither. Find a good balance between high and low with the focus being on longevity. Having to repair items in the bathroom can add up to more than it would hve cost b purchasing a quality item in the beginning. In a bathroom, clean and functional appliances and elements will do. Fixtures, faucets, cabinets, and shelves should be clean and unbroken. Cracked or damaged flooring should be repaired or replaced. The shower and tub should not have mold, mildew, be cracked, or leaky. The sink and toilet should be in working order with no leaks or cracks or major stains.
Bathroom remodeling for investment - Bottom line
When it comes down to it, potential renters want to see that your property is kept up, clean, and safe. Think of it this way: if it became necessary, would you be willing to live there?
Bathroom Remodeling for Resale of the Home
Remodeling a homes bathroom for eventual resale is essential to increase the value of the house. When you are completing a bathroom remodel for the purpose of reselling the home, you will have to balance the cst vs ROI on the project. You can save money by purchasing products in the mid range of price. Remember, having things new is a big selling point to a potential buyer. It’s essential that you make the house look as attractive as possible while also keeping your expenses down. Ultimately, the return on your investment will be the best possible resale value.
Most realtors and contractors will say that there are other places in a home you should remodel first, such as the roof or new siding. However, if your home is updated and well cared for, it’s a smart move to update the bathroom or kitchen. Those are the big-ticket parts of the home where you want to increase the “Ooooh” factor. With that being said, kitchens and bathrooms are two of the most valuable remodeling projects you can complete when you are trying to sell your home.
How do you remodel a bathroom for resale of the home?
The biggest thing to keep in mind is the importance of your potential buyers’ first impression. Landscaping and clean-up of the yard will yield a huge return: if potential buyers like the look of the outside, they will be more likely to tour the inside. Your new or updated bathroom is going to grab their attention.
Increasing homes value is not building a "Dream Bathroom"
Considering your “dream bathroom” will give you the best place to start when remodeling your bathroom for resale of your home. Does your dream bathroom include a steam shower? Do you want to replace the flooring or redo the cabinetry? Now's the time! One thing to keep in mind, though, is if you only have one bathroom - and several bedrooms - experts suggest adding another bathroom rather than completely renovating the first one. This will increase the value of your home, instead of spending the money to update "add on" features. A large spa bathtub or all new flooring can be expensive, and you may be better off spending that money adding another bathroom. It's possible that you might be living in the home for a while before you sell. You might as well enjoy the new bathroom remodel! Even if you don't get a full return on your investment, you will have had a chance to use your new bathroom - and take the ideas with you to your next home!
A bathroom remodeling project can be approached in a variety of ways. If your main goal is to sell your home or turn it into a rental property, you will have different requirements than someone who plans on living in the home long term. The Bath Haus has an easy guideline for a remodeling project that has one of these two main goals.