As spending more time at home becomes the new normal, almost two-thirds (65%) of UK homeowners have opted to spruce up their spaces and give them some much-needed TLC.
“UK’s homeowners have spent £55billion on renovations to create their perfect property. That is an average of £4,035.70 each on home renovations since the lockdown restrictions began in March” (money.co.uk).
Since the first lockdown, sales of household goods have soared as homeowners have been fixated on home improvements, renovation projects and DIY’s.
“Builder’s merchants and DIY shops have seen people focusing on singular projects” (BBC News) and with hygiene now at the forefront of people’s minds, bathroom renovations are amongst the most sought-after of home improvements.
But is it all worth it? Sure, having a lockdown project has helped to keep the boredom at bay, but will spending your hard-earned cash on a new bathroom benefit you in the long run? Absolutely.
To begin with, you’ll increase the value of your home when it comes to reselling it.
Today, there’s an influx of homes on the market. This is because lockdown has halted the progress for vast numbers of people selling, or preparing to sell their homes. With the stamp duty holiday set to run until the end of June, anyone buying property up to the value of £500,000 will not have to pay any stamp duty tax. So, understandably, many people are on the move right now.
With that in mind, and if finances are a motivator, updating your home can be an incredibly wise investment – potentially increasing the value of your home by a whopping 10%. If you are currently looking to sell your property, or are considering doing so in the future, bathroom renovations can add anywhere from around £3500 – £4000 to the value of your property.
On the flipside, having an accessible bathroom has been reported as important when buying property, especially if the current property has access to the bathroom. Buyers report offering up to £20,000 less for the inconvenience (IdealHome, 2020)
A tidy, clean, functional, accessible bathroom will appeal significantly to prospective buyers.
Managing Director of The Bathroom Cellar, Ollie Streek, states:
“If you’re thinking of improving your home or increasing it’s value, generally improving the kitchen is at the forefront of the mind. There is a less expensive, cost-efficient way, which I’ve seen, helped and delivered for a number of clients – and that is bathrooms! With many saving income and having the opportunity to improve the value of their home, bathrooms are definitely a wise investment – especially when moving and saving on stamp duty land tax.”
Home buyers will actually overlook a property if it only has one bathroom, because there is such a demand for these spaces.
Adding an additional cloakroom toilet could help you to stand out from the competition and ultimately make selling your home a lot quicker and easier.
We can’t stress enough, that if you are going to invest time and money into renovating your bathroom, there is no point in settling for a low-quality finish. A poor tiling job can ruin the finish of your bathroom, and if any elements are installed incorrectly, you may face unexpected costs later down the line. The key here is to make sure your bathroom is future-proofed.
Think carefully about your budget and stick to what you can afford. If you have a limited amount of money, be aware that if you overspend, you’re more likely to cut corners. If you simply don’t have the funds or want to spend too much on renovating your bathroom, you should take a look at your current tiling and grouting situation, at the very least:
It has been reported that 77% of property professionals place good quality tiles and grouting as the most desirable feature for potential buyers, so this is an obvious place to start and something many people can tackle themselves.
A bathroom remodel will not only benefit you by adding value to your house. You could also make your money back by increasing its efficiency:
Renovating your bathroom is also a good investment in terms of minimising your energy expenses and eventually getting them to pay for themselves. The long-term financial benefits can be huge. Most buyers would prefer to purchase a more energy-efficient home, since they will be looking to save on energy costs.
This can easily be done by updating the technology and functionality of your bathroom. There are an amazing range of water saving products available now, as well as heated towel rails which can be controlled by the flick of a switch.
Make sure that your plumber is reliable and remember that cheap isn’t always better. The last thing you want is for issues to crop up at a later date, incurring costs which could have otherwise been avoidable.
Both of our showrooms open from April 12th, so why not book a socially-distanced, face-to-face design consultation with one of our designers? We’ll help you every step of the way through your bathroom remodel. Simply head to our website to book.