Your bathroom is one of the most important rooms in your home. After all, you use it every day! Remodeling a bathroom is a big decision, but one you’ll never regret. Our Team at The Cleary Company Remodel-Design-Build has over 28 years of experience remodeling bathrooms for our clients in Columbus, Ohio.
Remodeling a bathroom adds not only to your satisfaction but also increases the value of your home. According to the 2022 Remodeling Impact Report from The National Association of Realtors® (NAR) Research Group and the National Association of the Remodeling Industry (NARI), remodeling your bathroom has a cost recovery of 71%! This yearly report contains valuable information about remodeling that we feel is worth your time to read.
What does the report tell us about a bathroom remodel?
Americans spent $420 billion in 2020 on remodeling their homes according to a study from the Joint Center for Housing Studies at Harvard University. While most consumers responded they would have remodeled regardless of the pandemic, 86 percent of consumers report remodeling one area of their home made them want to then remodel other areas of their home.
Let’s focus on what the report says about completing bathroom remodels. NAR utilizes a Joy score for each project based on happiness. And since we know we bring joy to our clients when we complete remodeling projects in their homes, we love the name of this score! The Joy score for renovating a bathroom? 9.6/10! That’s a whole bunch of joy!
Remodeling a bathroom has a cost recovery value of 71%. “REALTORS® provided an estimate of the likely dollar value each project would add to the house at resale. In comparing that dollar value to the estimated cost of each project provided by NARI members, a Recovered Project Cost percentage was calculated.”
It’s important to realize that NARI Remodelers placed the cost estimate of a bathroom remodel at $35,000 (nationwide). Realtors® estimated a cost recovery is $25,000, so 71% is the percent of value recovered from the project.
And this is interesting—84% of consumers would have undertaken the project, regardless of the pandemic. And we have seen this isn’t slowing down. We get calls weekly to discuss renovating bathrooms, both primary, guest and kids’ bathrooms.
To learn more about this report, read it here.
Function, Beauty, and Livable / #ImprovingYourHomeLife
When discussing the renovation of a bathroom with our clients, we focus on what their needs are for the space. Is it to refresh and upgrade the space, complete a total renovation, or a bit of both? We know we are tasked with creating a beautiful space, with better function and livability.
Do you want a bathroom that functions better, is beautiful, up to date, and safe? We know we can create a bathroom oasis for your personal private escape!