On average, over the last 6 years, 1.5 bath condos sold for approximately 10.8% more than single bath condos, and 2 bath condos sold for approximately 21% more. In other words, based on the average sales price over the last 6 years, a 1.5 bath condo sold for an average of $77,000 more than a single bath condo, and a 2 bath condo sold for approximately $150,000 more than a single bath condo.
So if you’re considering remodeling your condo, is worth it to add an additional bathroom?
The most important factor in making the decision to add a bathroom is to consult with a trusted advisor. If you contact us early on in the process, we can help you consider all of the factors affecting your neighborhood and help you determine the resale value after adding an extra bath. Why contact us?
We hear what Buyers say about remodels and can guide you in the right direction.
We can consult with you on how to work with contractors and make recommendation to minimize change orders.
Here are some key factors to keep in mind when deciding to remodel your condo:
1) Be careful not to over-improve. Location, size and type of property can cap your selling price, so ask us about values in your neighborhood. If you paid $850,000 for your condo and your bathroom is going to cost $75,000, a remodel would make sense if properties in your neighborhood max out at $950,000. However, making changes in middle of the process might end up costing you more than you planned. If you are going to exceed the property cap for your neighborhood, make sure you are doing the remodel for yourself and not for resale.
2) Manage the cost of the bathroom finishes (i.e. toilets, sinks, shower heads, tile, counter tops, etc.). Most designer finishes are fragile, and similar products can be found for a fraction of the cost. Buyers are not always impressed with brand names, unless they’ve done a remodel of their own. Super high-end finishes can usually be substituted with a more industrial, and durable finish that gives an almost identical look.
3) Match the bathroom design with the rest of the house. A fusion of eras and styles can be tricky. If you have a modern home, a claw-foot tub might not be appropriate. If you must have that claw-foot tub in your loft, I strongly recommend that you work with a designer.
4) Function is always the most important aspect of a bathroom, and having a double vanity is a great idea if there’s room. However, people sometimes make mistakes in regards to function. For example, trough sinks are popular now, but consider the following downsides:
· In 5 years a trough sink may look dated.
· It may be difficult for two people to wash their face at the same time.
· Trough sinks take up valuable counter space.
A more functional solution might be to have one sink in the middle, with two defined work spaces on each side of the sink. With the addition of a dueling mirror solution and drawers, the space becomes much more useable.
5) If you are going to add a full bath, try to make it an en-suite to the master bedroom. The primary reason people desire a second bathroom is privacy. If the additional bathroom is upstairs and the public spaces are downstairs, this is less of a concern. However, if your property is on a single level, you may want to try to have the new bathroom located off a bedroom instead of the hallway.
If you are considering a bathroom remodel, contact us for an analysis specific to your neighborhood and property type.
Note: We estimated the cost of a bathroom, by comparing the average price difference between 2-bedroom condos with 1 bath, and those with 1.5 or 2 baths. By choosing a sample of 2-bedrooms, we narrowed the range of square footage and price. The larger square footage condos are more likely to have two (or more bathrooms), and are also more likely to have 3-bedrooms. Since these condos sell for significantly more than 2-bedroom properties, we excluded them from this analysis. We define a full bath as having a shower or tub (or any combination of the two), a sink (or two) and a toilet. A half bath has a sink and a toilet, and a quarter bath has a second toilet and shared sink with a full bath. Data was obtained from the SFARMLS, and is deemed reliable but not guaranteed.
