How Much Value Can Bathroom Renovations In Melbourne Add To My Home?
Many homeowners choose to remodel their bathroom because they know that this is one of the best ways to add value to their property. The overall amount will depend on a number of factors, including similar houses in the area, the expenses of the renovation, the current market conditions, the available space and the overall condition of the house. So, how much value can a bathroom renovation in Melbourne actually add?
- Neighbourhood: Did you know that each area is given a dollar value based on some pre-established criteria (square footage, number of bedrooms, number of bathrooms, garages and lot size)? An area also has a cap (maximum) valuation. So, remodeling a bathroom will only increase the value of the property to this maximum point.
- Expenses: When it comes to real estate value, the worth of the home is dependent on the dollar spent and the dollar owed. If a home in an area that is selling for $200,000 is currently under a mortgage for $100,000, a bathroom renovation of around $20,000 will see the value increase. You should compare your listing with and without the remodel.
- Quality: That old adage 'you get what you pay for' is one that certainly rings true with real estate. Shoddy workmanship, over spending and cheap fixtures will not guarantee a maximum return. This is especially true if the rest of the home doesn't match the quality and style of the new bathroom; everything needs to be balanced.
- Space: At the end of the day, a tiny cupboard-sized bathroom isn't going to increase the value of your home by very much at all. If you can use a renovation to take some unused space from a bordering room, however, you could significantly increase the value. The same can be said by adding an ensuite and half bath.