Believe it or not, now might actually be a good time for upgrading your master bathroom and creating a luxurious oasis in your home. The obvious reason that this is a good idea is because if you do it now, then you will be able to enjoy your new bathroom for years to come. If you do it today you will get more enjoyment out of it than if you did it next year.
A less obvious reason is that a mid-range to high-end bathroom remodel projects might just be a great place for investment in your home if you are looking to improve the resale value. Although Remodel Magazine is predicting in their Cost vs. Value Report for 2009-2010 that the value of remodeling a bathroom will not recoup as much of the costs as other renovations, even they admit that despite falling home prices pushing the value of remodeling investments down for the fourth consecutive year, small-scale projects and replacements may be leading the way to recovery.
For a full mid-range or high-end bathroom remodel you are likely to recoup around 75% of the job’s cost if you hire an architect or designer and let the professionals handle the entire project. That’s pretty good for a more-or-less hassle free remodel, considering the enjoyment you’ll receive from having a magnificent new bathroom will surely be worth the 25% of the costs. If you do the work yourself your costs may be decreased, but you may not recoup as much of the work done as you would if a professional had handled the job.
It is also interesting to note that just a year ago the remodel of an upscale bathroom was on an upward trend, despite the housing crisis. We think that in the next year or two buyers will really be analyzing the enjoyment and the carbon footprint that a house brings, valuing these criteria much higher than just the typical luxury renovations.
The enjoyment that one receives from a spa-like bathroom continues to gain in popularity as spas and spa services continue to spread to new markets. A more luxurious bathroom is definitely a major selling point in homes today, and we see this trend continuing as people not only want luxury in their homes, but they also want to pamper themselves at home.
One way people are increasing the value of their homes, while creating their own home spa is by installing a luxury steam shower during their remodel. In a recent episode of the HGTV show “Bang for your Buck” a homeowner blew the designer away with his new luxury steam shower, complete with ThermaSol’s Serenity Light & Music system. (You can view the HD Video here).
One thing to consider before you decide on turning your average bathroom into a magnificent home spa is whether or not you really want to spend the money on this renovation. A typical, mid-range bathroom remodel will cost you around $17,000, while a high end bathroom remodel will be closer to $50,000. You will also need to look closely at your house and make sure that there’s nothing else more urgent that could use this investment. It doesn’t make any sense to spend this kind of money on a bathroom remodel if you are going to need a new boiler or roof in the next few years. Lastly, no one knows exactly what is going to happen in the housing market in the future, so your guess is as good as anyone’s. That being said, if you plan to spend at least the next 5-10 years in your home, have the money and don’t have any other urgent projects that need to be completed why not treat yourself to a luxurious home spa remodel!