When it comes to prepping your Minnesota or western Wisconsin home for sale, you may wonder what renovations will bring in buyer attention and if you will get a high return on investment (ROI). Here, we break out some insights on how much a bathroom remodel costs in Minneapolis and surrounding areas, how much of the cost you can expect to recoup and what questions you might ask when considering this project.
The cost and ROI of a bathroom remodel
According to the Remodeling 2015 Cost vs. Value Report (www.costvsvalue.com), a midrange bathroom remodel in the Minneapolis area will cost $20,338 and recoup $13,331 (about 65 percent) upon resale. Specifically, the project begins with a 5-foot by 7-foot existing bathroom and all fixtures are replaced, including:
- Porcelain-on-steel tub with ceramic tile
- Single-lever temperature and pressure-balanced shower control
- Standard white toilet
- Vanity counter with integral sink
- Lighted medicine cabinet
- Ceramic tile floor
- Vinyl wallpaper
The 2015 Cost vs. Value Report was determined by existing local projects, so the cost breakout is said to be realistic for local homeowners undertaking renovations in the Minneapolis area. Handy homeowners may be able to lower the cost significantly by performing some of the installations, rather than hiring a contractor or plumber.
Is a bathroom remodel worth it?
The ROI of a bathroom remodel in the Minneapolis area is 65 percent, but the remaining 35 percent calculates out to just over $7,000. Here are some questions to ask when considering a bathroom remodel.
What does your current bathroom look like?
If your bathroom hasn’t been updated at all since 1968, it may be time to replace everything from the pea-green countertops to the dingy bathtub. However, if the bathroom was given a facelift in the 1990s, you may be able to get away with new wallpaper or paint, an updated vanity and medicine cabinet. In short, think about what upgrades are needed for buyers to view the room as a bright point instead of a sore spot.
Are buyers circling?
If you live in a popular neighborhood with low housing inventory, remodeling may not be worth it. When buyers are competing over a shortage of homes, even a house with a Brady Bunch bathroom can be a hot commodity. Your REALTOR® will be able to help you make the decision about whether or not you need to take on a full remodel.
Will the bathroom pass an inspection as-is?
It may seem obvious, but if your bathroom won’t currently pass an inspection, it’s imperative that you make the necessary fixes. Even the lowest inventory may not make a difference when you have significant plumbing issues.
When is the best time of year to remodel a bathroom?
Any time of year is an okay time to renovate, but many homeowners prefer to update their interior in the cooler months of fall and winter. These months tend to be slower paced and repairs won’t be marred by the humidity of our Midwestern summers. Last, it’s a great idea to make home improvements before the spring selling season is upon you. If you want to make other updates to your home, start by checking out the five home improvement projects with the best return on investment in the Minneapolis area.
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© 2015 Hanley Wood, LLC. Complete data from the Remodeling 2015 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.