There are many things to consider when deciding if you should remodel your small bathroom. One of the most significant considerations is whether it will be a worthwhile investment if you decide to sell the house later. Remodeling your bathroom may include painting walls, doors and cabinets; replacing the sink, countertops, bathtub and toilet; and installing new lighting fixtures and new flooring.
Small Bathroom Remodeling Costs
The typical small bathroom remodel will average between $12,000 and $20,000. While it may be tempting to buy the material and do the project yourself to cut corners, bathroom remodels require specialized knowledge and expertise. It’s best to hire a professional unless you have the plumbing experience and skill needed to complete the task. Mistakes can cost thousands, and may actually decrease the value of your house. Luckily, if you plan your remodel well, you won't be wasting your multi-thousand dollar investment.
Ensuring a Return on Investment
Will your remodeling project return a sizeable investment if you sell the house? This depends on a variety of factors. What is the condition of the rest of your house? If you remodel your small bathroom, it shouldn’t overshadow the rest of the house. Either it should match the rest of the decor or you should remodel the entire house. Other factors include your neighborhood and the specific design details of your new bathroom. You can save money by ensuring that the cost of the remodeling project doesn’t exceed 5% of your home’s value once the remodeling is complete. If you do the project right, you can recoup up to 90% of your investment.
Maximizing Your Home’s Resale Value
When designing your bathroom, some choices are more attractive to potential buyers than others. While you might like bright yellow or hot pink, you should consider painting the bathroom a neutral color so it will appeal to a larger number of buyers. Avoid overly exotic fixtures and cabinets, and don’t spend money on expensive features that won’t really add value. White sinks and tubs are best, but if you insist on going with a color, make sure it’s warm and pleasing, not loud and attention-grabbing.
Your bathroom should be pleasant enough to please your tastes, but neutral enough for others to appreciate as well. Many people prefer larger bathrooms, but your bathroom feels too small you're not out of options. There are a few things you can do to make it appear larger: install bright lighting, use the same color for the tile, walls, and ceiling; install a large mirror, use a clear shower door, and remove unnecessary clutter.
Financing Your Bathroom Remodeling Project
Your small bathroom remodeling project doesn’t have to break the bank. If you can’t afford to pay the full cost right away, there are other options you can consider. If you have reasonably good credit and are able to obtain a low interest rate, you can take out a second mortgage, apply for a home equity line of credit, get a home improvement loan or take out a personal loan at your local bank or credit union.
Remodeling your bathroom is one of the best investments you can make for your house. The cost for a small bathroom remodel is minimal compared to other areas of the house, but it can return a significant investment--practically paying for itself.
