Are you planning a bathroom renovation in your Inner West home? Are you renovating to sell or to enhance your living space?
If you’re renovating your bathroom to sell, remember that buyers don’t necessarily want to pay for your taste, so it isn’t worth spending tens of thousands. When you renovate, think about how buyers can visualise themselves using your bathroom. There’s no need for fancy tiles or moody spaces. What most buyers would like to see is a bright, airy, clean and finished bathroom with sufficient storage.
But how much should you spend? What’s the cost of a full renovation? How about a budget renovation?
How much should a full bathroom renovation cost?
In estimating bathroom renovation costs, keep in mind that it’ll depend on the bathroom size, design, materials and fittings and fixtures, as well as the amount of plumbing and electrical work required.
Standard bathroom renovations for Inner West homes cost from $15,000 and upwards of $30,000. Of course, the more luxurious the materials, fittings and fixtures you want, the more expensive the total cost would be.
How cosmetic changes can add value to your Balmain bathroom
For a bathroom renovation with more modest requirements, you should be looking more in the range of $5,000. And if all you’re after are some cosmetic upgrades like new tapware, a mirror, and new hardware for bathroom cupboards and drawers, the cost could be even smaller.
Adding value with small changes to your bathroom
You can’t discount the beneficial effects of cosmetic upgrades on your bathroom. It’s easy to spend tens of thousands of dollars on a bathroom reno without getting a good return on your investment. Of course, if you renovate for yourself, then that’s fine…but not if you’re renovating to sell.
A smaller, more considered bathroom renovation will have a favourable impact on the overall look of your bathroom. Here are a few ideas to get you started:
- Splash on new paint.
- Regrout tiles (and get a professional in to do this. It’s a tedious job.)
- Upgrade your vanity, including new vanity mirrors and tapware.
- Replace vanity and cabinet hardware.
- Add floating shelves.
- Update the splashback.
- Install a frameless shower screen for a more modern look
- Add fresh, healthy indoor plants.
The bottom line here is not how big your budget is but how smartly you spend it.
How to calculate your bathroom renovation spend
Just like upgrading your kitchen, renovating your bathroom could mean a bigger return on the sale of your property. Why? Because property buyers who intend to live in the place they are buying will be concerned about the rooms they will use the most – including your kitchen and bathroom.
To maximise your returns, calculate how much you can reasonably spend on any renovations by using your property’s market value. Ask your agent to give you an honest appraisal of the value of your home. In general, a renovation should cost no more than 10% of the value of an entire house. Whatever value you come up with, only a portion of that (around 1% to 5%) should be spent on your bathroom renovation.
To take an example: If your house is valued at $1 million, then you’d have a budget of around $10,000 to $50,000. However, we recommend that you spend no more than $20,000 for a bathroom reno in your million-dollar home.
Whatever your circumstances, it makes sense to determine your goal for renovating and setting a corresponding budget. And with some careful planning, you should be able to get great results without the need to overspend.
Can we help with your Inner West home?
Whether you’re ready to sell or need help to rent your investment property, we have the experience and local knowledge to make your property journey easier.
Looking for help selling your home or renting your investment property? Our team at Belle Property Balmain support homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.
