One of the most popular locations for home renovation is the bathroom, where investors have a wide range of options to add some “wow factor” and ultimately increase the property's value and improve its potential to make instant equity.
While the bathroom’s obvious function remains, it has also become a place of luxury and relaxation over the years.
Nowadays, investors who choose to renovate are not only focused on functionality but also on aesthetics and overall home value.
Propertybuyer’s Rich Harvey said: “You need to balance form and function.”
According to him, bathrooms are one of the few areas in a house that can combine form and function, which is why it's important to strike a perfect balance between the two in order to ultimately add value to your asset.
Without foregoing the basic amenities, you can “add a few stylistic touches and make a great first impression without breaking the bank”, Mr Harvey highlighted.
Knowing these criteria, how much do you actually need to spend in order to create the perfect bathroom without overcapitalising?
Practicality, functionality, and style are three of the most important factors to consider when renovating your bathroom.
Once you get the layout right, determine a distinct visual twist to add to the room in order to set it apart from other homes’ bathrooms.
Mr Harvey said that basins are usually worth splurging when doing bathroom renovations.
He explained: “A basin is a great example—as the focal point of bathrooms, it's well worth splurging on a good one; expect to pay around $250 to $500.”
For cheaper options, you can source fixtures and fittings online or snag a bargain to avoid overspending. Just make sure that you’re getting high-quality products to avoid larger repairs costs in the future.
Investors are also advised to ensure the quality of lights as it is one of the most effective ways to combine form and function. Aside from setting the mood, it also has the ability to make the room seem smaller or larger.
The Reno Kings’ Paul Eslick, Justin Eslick, and Geoff Doidge advised investors to opt for bright lighting if the color of the room is dark or there is little natural light coming in.
On the other hand, you can choose to save on lighting requirements if the bathroom is predominantly white.
Good-quality candelabras and suspended options with standard spotlights are available for only around $25 to $50.
When it comes to tiling, investors have a lot of options depending on the set budget.
Considering the presence of mirrors, basins, showers and toilets, you can minimise the total size of the area you need to cover—a cost-effective solution for expensive materials, which may go for around $30 per square metre, and labor, which may cost around $120.
Aside from the usual white tiles, which can give the illusion of a larger room, you can also choose to impress by using stone materials like marble, granite, travertine or limestone, which may cost around $100 per square metre.
Bathroom renovation often cost around $15,000 to $20,000, with the average sitting at $17,779, according to the Housing Industry Association.
Whether you go above or below the average, keep in mind that your goal is to create a room that strikes a good balance between form and function—adding both value and style to your investment property.
According to Mr Harvey: “For each dollar you spend on your renovation, your goal should be to add at least twice the value in equity.”
In order to make the best decisions, engage property professionals who can give you advice on the best steps to improve the value of your asset based on your
“Having an objective set of eyes is highly valuable so you can avoid overcapitalising while creating the right ‘wow’ factor,” he concluded.