When you are ready to freshen up your home or make key improvements in your bathroom, you will be among thousands of American homeowners who spend more than $400 billion annually to renovate their homes.
The ratio tied to the cost of a midrange bathroom remodel versus the value it retains is 64 percent, according to Remodeling Magazine's 2020 Cost vs. Value Report. Generally speaking, there has been a slight downturn on the return on investment relative to 2019 trends. The most likely reason is consumer jitters. These trends are dependent on job growth, unemployment levels, the U.S. Gross Domestic Product, and global dependencies (trade wars and imports).
How Much Does a Bathroom Remodel Cost?
The average cost for a "midrange" bathroom remodel is just over $21,000, according to Remodeling Magazine's 2020 Cost vs. Value Report. A midrange bathroom remodel may include updating an existing 5-by-7-foot bathroom with a ceramic tile floor. The job consists of replacing fixtures with:
- A standard white toilet
- A solid-surface vanity counter with a sink
- A recessed medicine cabinet that includes a light
- A 30-by-60-inch porcelain-on-steel tub including 4-by-4-inch ceramic tile surrounding it
- A new, single-level shower control
An upscale bathroom remodel can cost you three times as much with costs average just over $67,000 to complete. The job includes expanding an existing 35-square-foot bathroom to 100 square feet; adding in-floor heating and heated towel bars; installing a 42-by-42-inch neo-angle shower with a recessed shower caddy, body-spray fixtures, and frameless glass enclosure; installing a freestanding soaker tub with high-end faucets, a compartmentalized commode area with a toilet, plus several other improvements throughout the space. Take a look at the cost versus value data for each type of remodel.
A mid-range bathroom remodel:
- Cost: $21,377
- Value: $13,688
- Costs recouped: 64%
An upscale bathroom remodel:
- Cost: $67,103
- Value: $37,995
- Costs recouped: 57%
Breaking Down Bathroom Remodeling Costs
Bathroom remodels come with some significant price tags. But what exactly do you pay for when remodeling a bathroom in your home? Here are some itemized estimates—from the low end to the high end—for what you could pay for the various installations your new bathroom might need, according to home improvement resource HomeAdvisor:
- Bathtub: $400 to $8,000
- Cabinets: $1,200 to $13,000
- Countertops: $900 to $6,500
- Flooring: $800 to $7,000
- Lighting fixtures: $120 to $4,000
- Shower: $450 to $10,000
- Sink: $190 to $6,500
- Toilet: $130 to $780
Keep in mind that a massive chunk of your expenses will need to cover the labor involved in your bathroom remodel—that could eat up 50 percent of the total cost or more.
Other Factors to Consider in Your Remodel
Many homeowners are choosing to stay put in their current homes instead of upgrading to a new one, which is likely making home improvements more popular. Since demand is on the rise, it pushes up the cost of building materials and labor.
Certain times of year might be more suitable to remodel your bathroom. If you hire contractors during a season when fewer jobs are coming in—possibly in the winter—you could save some money. Labor is likely to be cheaper, as well as the materials and products you'd need to purchase for the job.
Also, think about how you will finance your bathroom remodel. Will you draw from your savings or tap the equity you have in your home through a home equity loan or home equity line of credit? A low-interest credit card or an unsecured personal loan are other viable options.
If you plan to apply for a new card or loan, make sure your credit history reflects that you are a credit-worthy borrower who continues to reduce your existing debt and pays your bills on time.