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Outside of adding a rental unit to your home, there is nothing else you can do that will increases the resale value of your home as much as a bathroom renovation.
The Appraisal Institute of Canada says that a bathroom renovation has a 75% recovery rate, meaning that three-quarters of what you spend on your new bathroom will be added to the re-sale value of your home.
For example, a $10 000 bathroom project not only makes your house nicer and gives you a more enjoyable living space, but when you go to sell your home, you’ll add $7500 to the value.
Considering the depreciation rate of most large purchases, bathrooms are one of the most value laden purchases you can make.
There is also a fair amount hidden value in bathroom renovations besides adding to your re-sale value: new insulation will lower your heating bill, new taps and a toilet will reduce your water leakage and usage, which will significantly lower your water bill, and a new bathroom will make your home more appealing and easier to sell. Studies show that the state of the bathroom is one of the main factors that people consider when buying a new home.
Because of the value-added to your home from a new bathroom, it’s not so much a purchase as it is an investment.