With the average new bathroom setting you back around £4,500, it’s certainly not a matter of pocket change.
A new bathroom doesn’t come cheap, so you might be wondering whether the end result will be worth your time and money. Sure, having a brand new bathroom might be a nice treat – but will it give you that return you’re after?
How much value will it add to my home?
If you’re planning to give your bathroom a complete makeover, you’re looking at spending anything from £2,500 to £6,000+. So, will you see a return on this investment?
A report from Zopa found that if you were to spend around £5,000 on your bathroom, you could expect to add about £2,500 to the price of your home. This means your new bathroom could return roughly 50% of your investment.
Planning to go the whole hog and have an extra bathroom built? An increased demand in en-suites means you could expect to add a good 6% of value to your home, according to Movewithus.
It’s not all about the value
While you might have your eyes firmly on the profit, there are other benefits to having a new bathroom.
If you’re planning on selling your home in the near future, a new bathroom could speed up the buying process, as it’ll be a good selling point for potential buyers. To increase buyer-interest, it might be worth sticking to neutral tones and features, as this means they could add their own touches if they decide to make an offer.
Or, if you’ll be sticking around for a while, a new bathroom could breathe a new style into your home for you and your family to enjoy.
Cut costs where you can
If you’ve decided that a new bathroom is on the horizon, it’s good to make sure you’re keeping the costs down in order to boost your return.
Here are some top tips to revamp your bathroom on a budget:
Keep the existing layout of the bathroom, as this means you won’t need to spend on restructuring pipes and fittings
Buy a bathroom suite instead of forking out for individual pieces
Don’t buy the first bathroom you see – shop around and see where you can find the cheapest deal
Want to add more value to your home?
If you’re all about the value, there are other home improvements which could offer more for your money.
Zopa found that the top home improvement – profit-wise – is a new conservatory, which could bring home a 108% return. This means that, not only will you recoup your money spent on a conservatory, but you’ll actually see a profit too.
Here’s the full list:
Top home improvements
Return on Investment
How can I pay for a new bathroom?
Work out the total cost
It’s important to work out the maths before you start spending. Whether it’s a bathroom or a new carpet, it’s always worth shopping around and getting quotes from a range of stores to see how much you can expect to spend.
Decide how you’ll pay
There are multiple ways you could finance a new bathroom or other home improvements. Let’s take a look:
1) Savings Dipping into your savings pot will be the most affordable way of funding your new bathroom, as it means you won’t have to make any interest payments. If this option is out of the question, you could consider:
2) A personal loan A loan could be a good way of funding a new bathroom, as you could receive the exact amount you need to spend, without the access to spend beyond your budget. The fixed payments will also make it easier for you to stick to your budget once you’ve taken out the loan.
3) A credit card A credit card could also be a good way of borrowing – especially if you manage to get your hands on a 0% credit card and make your repayments before the interest-free period ends.
For a more in-depth look into how you could finance your home improvements, look no further.
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Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.