Do you have a home improvement wish list? Most of us do. Typically our lists include a few things we want and some things we need. While you might think about crossing every item off your list, the smarter move is often to consider which home improvements will give you the best return on your investment (ROI).
You might get a lot of enjoyment out of your pricier upgrades, but the New York Times warns, “They rarely increase [your home’s] in line with how much the renovation costs.”
Furthermore, the New York Times warns some updates could actually decrease the value of your home. Why? Because while you might think of your new home value as the house plus the cost of your upgrade, your buyer could consider the value minus the cost of removing it.
It turns out, the best bang for your buck is typically a mid-range upgrade that is pleasing to a wide range of people. What specifically do we mean?
Well, ornate tiled floors in your bathroom might make your heart swell with pride. They will also likely make your pocketbook shrink proportionately. And, will typically appeal to a smaller group of potential buyers. Ornate floors are hard to match and color coordinate.
If you’re planning to stay in your home for a significant amount of time, you might not care that this upgrade won’t increase your resale value. However, if you’re planning to move in the near-ish future, you might consider a more neutral floor color.
The same principal holds true for all your bathroom elements. A wild and crazy color for your shower walls might seem fun in the moment. But red or pink won’t be the cat’s meow to most folks.
Want to learn more about how to maximize the ROI of your bathroom upgrade while creating a space you’ll enjoy. Talk to one of our design professionals.