The short answer is yes, but it needs to be well thought out and the workmanship needs to be spectacular ensuring a result that prospective buyers will value. Some DIY renovations can actually do the opposite and decrease the value of your property. There are many pitfalls to avoid when renovating your bathroom which experienced renovators will avoid but sometimes DIY enthusiasts will not. A badly renovated bathroom will just mean it’s necessary for a prospective buyer to redo it, which is often off putting and therefore reducing the value of your property.
Real estate agents will advise you that some of the main factors used in valuing a house are the bathroom and kitchen, for obvious reasons as these are the most used areas of a home. It’s estimated that the average cost of bathroom renovation in Australia circa 2020 is $20,000, but the recovery rate for bathrooms is exceptionally high at around 75%, meaning you’d get that spend back instantly on the value of your home, so your new bathroom would in effect cost only $5000 if you sold (not including equity time).
Some people renovate their bathroom for the sole reason of being able to sell their house. Older homes are especially prone to smaller bathrooms. Modern families have higher expectations when buying a new home, meaning that the bathroom can be a deciding factor. Most buyers, (especially families) will not want to renovate the bathroom as soon as they move in.
The true value of a bathroom renovation is to actually use it and gain all its new benefits every day, increasing your quality of life.
So it’s easy to see why a professional bathroom renovation is a sound addition to your home, not only financially, but in terms of quality of life. Give Tradepro a call to find out how we can help.