Whether you are planning to keep your home or sell it in the near future, a master bathroom renovation may add value to your home-when it’s handled correctly. To ensure a successful remodeling project, you need to know what to do to get the most benefit. If the master bathroom is outdated, it may be obvious what needs to be done. However, a common mistake for many homeowners who begin a bathroom renovation is allocating their money in the wrong way. If they have taken out a loan to begin this project, they want to ensure that they will get a good return on their investment. A full master bathroom renovation is a costly project and may cost 5-10% of the value of the home. For homeowners who don’t have access to that kind of money for the project, updates and repairs may be better route rather than a full master bathroom renovation. When deciding whether to renovate a master bathroom or make small updates, you need to determine what provides the most value. According to Remodeling Magazine’s Cost vs. Value report, the average bathroom remodel in 2015 costs over $15,000, with the added value to an average home figured at over 80%.

When deciding where to invest your money in the bathroom, consider the average renovation. Listed in order, from highest percentage to lowest, here is where the money is typically spent: While these percentages are not absolute, they do give you an idea of how to spend your money if you are doing a complete remodel. If you plan to sell your home soon, try to view other homes in the neighborhood to see what those master bathrooms look like. You want your remodel to be comparable to ensure the best return on your investment. The right redesign will help your home sell faster, while one that is significantly more or less costly than other master baths may hinder the sale. If you have a limited budget for your bathroom remodel, don’t give up on the idea of updating this valuable space. Instead, learn how to work within your budget to make the changes that add the most value. After making sure everything is working with no leaks or faulty plumbing, focus on the areas that are most likely to receive the most attention.

If you need to replace the toilet, consider choosing an energy-saving model. Or, add a low-flow showerhead to save water. These cost conserving, environmentally friendly changes may appeal to buyers if you are planning to sell and will save you money while you remain in the home. Small luxury touches to the master bathroom may make it feel more like a spa retreat. For instance, a heated towel bar is an inexpensive way to enhance this space. 20 Inch Laptop Messenger BagCreate a relaxing area with low lit wall sconces in addition to brighter lights on a vanity.Wall Mounted Mirror With Coat Hooks Updating your master bath may add value to your home while creating a relaxing, enjoyable space. Best Furniture Store Shanghai

Whether you are doing a complete renovation or making specific updates to fit within a budget, you can design a modern room that meets your expectations. Cost vs. Value 2015 2015 Cost vs Value Report This site compares average cost for 30 popular remodeling projects with the value those projects retain at resale in 100 U.S. markets. Check out this year's trends and how they compare to prior years. Editor's Note: Please see here for an important update. Entry Door Replacement (fiberglass) Entry Door Replacement (steel) Siding Replacement (foam-backed vinyl) What the Numbers Mean | Very High and Very Low Values | Re-use and Licensing GuidelinesBy Ilyce Glink and Samuel J. Tamkin Q: What is a realistic cost to remodel a master bathroom or a typical price range I should be looking at? A: We recently wrote a story about home renovation projects, their costs and the returns you'd expect to see. In that story, we found that the average small bathroom home renovation cost is at little under $16,000.

However, you'd only expect to see a payback of a little over $10,200 on that project if you turned around and sold your home within a year of completing the project. It's one thing to renovate a standard size bathroom of about 5 by 7 (or 35 square) feet. If you build larger or more elaborate spaces, you can expect your expenses to increase substantially. You'll need more tile or other floor and wall coverings. You will have to install a greater number of lighting fixtures. Your labor costs for plumbing behind the walls will be greater, and you will have the additional costs of mirrors, cabinets, shelving and other amenities. If you choose upgraded plumbing fixtures, your expenses will rise considerably. Your starting point would probably be at a number substantially higher than the average cost for a small bathroom. You can check out Remodeling Magazine online, which gives examples of additions and renovations to homes, their costs and the cost you might recoup. You should know that Remodeling Magazine shows that adding a bathroom may cost upwards of $38,000, with a return on investment of a little more than half that amount.

While we don't know what you have in mind for your renovation or the size of your bathroom, you might want to plan on spending between $20,000 and $30,000 depending on what you have in mind. You might want to look around and see the type and quality of bathroom fixtures you have in mind and the finishes you like. Once you find these items and know their cost, you can estimate some of the expenses you will incur. You can also have a contractor come in and give you an estimate based on the fixtures and finishes you have chosen. Samuel J. Tamkin is a Chicago-based real estate attorney. Reports Sought In Jonbenet's Sister's DeathNewly disclosed account surfaces in 1966 Valerie Percy murder casePain relievers: What are the differences? Princess Grace`s Fatal Crash: Her Daughter`s AccountDark meaning of bubble-gum Pumped Up Kicks is tough to chew10 reasons why you want the jobCan you give me an average cost per square foot for a bathroom remodel for a small economical price to a medium size mid-range project?