Second only to kitchen renovations for increasing the resale value of a home, a bathroom renovation has a potential return of 75 – 100 percent of its cost, according to the Appraisal Institute of Canada (AIC).
The Canada Mortgage and Housing Corporation (CMHC) encourages homeowners to have a good idea of underlying issues going into a bathroom renovation, so as to eliminate unexpected and/or costly problems from cropping up. When assessing required updates, consider:
An AIC survey showed that green improvements and energy efficient upgrades lead the list of home improvements when it comes to adding value to a house. For bathrooms, green updates can range from energy efficient light bulbs to an Energy Star certified window and/or recycled flooring. Other ideas:
The AIC survey indicated that installing a whirlpool bath separate from the shower stall had the potential for a 64 percent return; however, spa-style shower stalls only generated a 36 percent return, showing that some updates may be preferable to others from an investment standpoint. In general, a bathroom that appears to be outdated, or that is poorly designed, may lower the value of your home and/or turn off potential buyers. Consider these ideas for bathroom updates that will impress and increase value:
The CMHC advises to assess your bathroom before undertaking a renovation, which will help you be better informed (and save money) should you decide to work with a contractor. It may be wise to consider hiring a professional if you aren't certain that your assessment is complete, if there are jobs to be done that are complicated or if you will not have the time or energy to do the work yourself. It may also be prudent to bring in a professional for plumbing, electrical, structural, and/or heating or ventilation-related bathroom renovations.
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