Jennifer Berry

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How a Spa-Like Bathroom Improves Real Estate Value

 

In this day and age, it seems like the bigger the better, and that goes for real estate as well.

Home improvement has become a huge enterprise in the recent years, with channels like HGTV

drawing in viewers. With that being said, spa-like bathrooms have become more popular with

the recent growth of interest. There is an added bonus to spa styled bathrooms, in addition to

relaxation and bliss, the fact is that it actually improves the real estate value of your home. By

remodeling your bathroom to look and feel like you are at a luxurious spa, you would also be

selling that luxurious spa to the next buyer that can earn you back more than you actually

invested in the first place.

 

To begin, let’s look at what aspects of the spa can actually influence the value of the bathroom.

According to Page-Pryde Properties, there are four specific trends that can affect the results.

And those are: the free-standing tub, a tranquil color palette, good lighting, and advanced

technological amenities. Elle Décor also suggests evoking all your senses with candles and art

that can help relax you. Ultimately, there are a lot of different things to get the ultimate spa-

styled bathroom. In the following paragraphs you will see examples and possibilities of what

you can do.

 

The end-goal is to create a relaxing experience, and a free standing tub is the first major

improvement you can make to get that. Jean-Jacques L’Henaff, vice president of design for

American Standard, told Page-Pryde, “Adding a freestanding tub is a cost effective way to evoke

a spa-like atmosphere in any bathroom, and it’s one that really helps elevate the user’s overall

experience”. You should take a look at the shower as well, since a rainfall showerhead is the

epitome of luxurious and feels like you are actually in the rain when you close your eyes. Towels

are also surprisingly effective to the feel of the room – and by that I mean, the fluffier, the

better.

A calm color palette in the spa typically consists of earth tones and should be taken into

consideration when remodeling. It is a simple yet effective way to emit a calming atmosphere.

Above-the- mirror lights can help with the application of makeup and the quality of a close

shave, while soft lights can provide a soothing ambiance. Having extra amenities can boost your

value as well. This can be things like waterproof TVs, heaters, and accessories. The presentation

of things like body scrubs and special soaps on your counter can play a big role in creating the

spa-styled bathroom. Tiles are also a huge “Yes” when considering a remodel. Tiles give off the

illusion of allure and wealth, and you can use them on the floor, on the wall, and in the shower.

Plus, they are easy to clean.

 

When you remodel your bathroom, on average you can earn back up to 70% of your

investment when the home is sold 5 years after the initial remodeling, according to the 2015

study done by Remodeling. It is said that the bathroom plays a huge role in a buyer’s decision.

And what’s more attractive than a bathroom with luxurious, at-home spa features. According to

HGTV, faucets are an important aspect of the bathroom, along with the countertops and the

shower. They looked at Remodeling’s study from 2004, where a $9,400-bathroom remodel

recouped at 182%. The seller actually made a great profit off their investment.

Remember, the bathroom is the room in the house that goes through the most wear. The

bathroom and the kitchen are comparatively the two most looked at and considered areas of a

house. Buyers will see the house as expensive and in good quality if these two rooms are

managed and decorated well. This is because these rooms are arguably the most used rooms in

the house, and therefore the most seen by others.

 

Thank you to Sam Socorro who wrote this article. Sam is a guest author from Sensual Spas and

is a respected and expert voice in a plethora of health related subjects with over 10 years of

writing under her belt

 

Buying a home will probably be the most expensive purchase a person makes during their life. In order to finance a home, a mortgage is usually necessary. Below are some mortgage basics every homebuyer needs to know.

 

How much home can you afford?

Purchasing your first home is exciting, but can be overwhelming for many first time buyers. Having your finances in order is a must. It’s important to determine how much home you can afford and whether you should rent vs buy a home. The rule for buying a home is that you monthly mortgage payment shouldn’t be more than 32% of your total monthly income. So if you make $5,000 per month (that’s $60,000 per year) then your monthly mortgage payment should be no more than $1,600 per month.

 

Mortgage Rates

 

There are primarily two types of rates. First, there is a fixed rate mortgage,which has a locked rate for the entire length of the loan term (usually 5 years). This means that if the interest rate is at 3.5%, it will remain at that rate the entire length of the term.

 

The second type is a variable rate or floating rate. This rate fluctuates every month depending on a variety of factors such as the economy and policies set by the Bank of Canada. Current veriable rates are around 2.5% or so.

 

Down Payment & Mortgage Insurance

 

The down payment is the amount of money you need to pay upfront. The more money you pay upfront, the less your mortgage loan will be. By law, Canadian banks require a 20% down payment, unless you have mortgage insurance. Mortgage insurance protects the financial institutions that are lending in case the homeowner defaults. If you have mortgage insurance, your down payment can be low as 5%. The insurance premium is paid when your home closes. It can be paid up front or added to the principal amount of your mortgage.

 

Open vs Close Mortgages

When you have a mortgage your expected to pay the entire amount plus interest. The term, or amount of time the mortgage conditions are in affect. Terms range from six months up to ten years. Once the term has ended, the mortgage can either be paid off or renewed.

 

The term can be opened or closed. Open term mortgages can be repaid at any time in full during the term without a penalty. You may benefit from an open term mortgage if you plan on paying off your mortgage quickly, however the interest rate may be higher. A closed term mortgage is a better choice if you’re planning on living in you home for the long run. With a closed term mortgage there is a penalty for paying off your mortgage before the term ends, however, interest rates tend to be lower.

 

Get Pre-approved

 

Don’t start home shopping until you get pre-approved. A mortgage specialist will look at your finances to determine what you can afford. Once pre-approved, the interest rate is set and guaranteed for 120 days.  This way you can work with your realtor in finding the perfect home for your budget.

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