Plumbing Improvements to Boost and Protect Your Home's Value
For many homeowners, plumbing tends to get forgotten until there is a leak or a major clog. This means that plumbing improvements can often be left out of a homeowner's yearly maintenance checklist. However, plumbing has the potential to increase or decrease home value, particularly if there are problems lurking behind the walls. These plumbing improvements have a higher ROI and can help people preserve their home value over time.
How to Estimate ROI
Many homeowners think about a home improvement's return on investment as the increase in resale value. While this is typically accurate, it might not fill out the whole picture. When considering projects that may not be visible or obvious to future home buyers, it is important to also consider preservation of home value. Some tasks may not increase resale value, but failing to make the upgrade could decrease the value over time. Evaluating both helps homeowners avoid focusing solely on high-visibility projects, while necessary ones get overlooked.
A bathroom addition is an excellent way to increase a home's value. This type of project may involve creating an entirely new part of the structure above ground. It may also use space in the existing structure in an unfinished basement, for example. The ROI depends on the home and the dynamic of the neighborhood. Moving from one bathroom to two will probably have a higher ROI than moving from three to four. Generally, homeowners can expect to get 50-75 percent back in a higher resale value.
A bathroom remodeling project is another ideal path to increasing resale value. As a general rule, homeowners should plan to upgrade a bathroom about once every 10-15 years. This typically includes:
- Replacing the toilet
- Replacing or resurfacing the bathtub and shower
- Repainting or replacing cabinets
- New faucets, fixtures, and lighting
It may not involve significantly changing the layout of the space or expanding it. People will usually get a higher ROI for a midrange upgrade. Expensive materials or a complex design may not net as much in resale value.
Although replacing a home's plumbing typically does not increase resale value, leaving it for decades can certainly hurt its value. Because plumbing replacement usually requires getting into the walls or digging in the yard, homeowners tend to put it off as long as possible. With some materials able to last 100 years or more, people may have no idea what is going on with the plumbing until it breaks. Because some of those long-lasting materials can be harmful, like lead, replacing them with durable, modern options can eliminate health hazards that decrease value.
Making minor upgrades between major remodeling projects is a helpful way for homeowners to keep their property values on target. These tasks typically do not cost a lot of money, and they can result in a slight increase in resale value close to 100 percent return on investment. These updates include:
- Repairing or replacing toilets
- Replacing faucets
- Replacing sprinkler heads
- Installing or replacing drains in older homes
- Installing a sump pump
Some projects are easy for homeowners to handle while others may require a professional. These upgrades can help minimize the risk of flooding and keep the rest of the plumbing in ideal working order.
Plumbing improvements can be an important part of a home's resale value, even if homeowners do not think about them on a regular basis. By considering these options, people will have a list of ways they can keep their plumbing in good condition with a decent return on investment.