Five bargain bathroom renovations that pay off

Whether it features a high-end luxury shower or a grimy stained tub, your home's bathroom can carry serious weight in determining your home's value.

So if you're thinking of remodeling your bathroom, it makes sense. But before you picture yourself taking a bubble bath in a brand new sunken, spa-inspired tub, keep in mind that bathroom renovations can be fairly pricey, with Remodeling Magazine noting that the average bathroom remodel costs $15,782 in its 2013 Cost Vs. Value Report.

To make your dollar go a little further, it's a good idea to choose projects with the best chance at increasing your home's value or pulling in higher bids from potential homebuyers.

Not sure where to start? We talked to the experts to find out which enhancements can give you the best monetary returns.

Project #1: Improve Lighting

Whether you're shaving, putting on eyeliner or creating an intricate updo for a night out, it's helpful if you can see exactly what you're doing. Unfortunately, if your bathroom features a single overhead source of illumination, that could make for a potentially hairy situation when you're plucking your eyebrows or running a razor under your chin.

For an improvement that can make you and your bathroom look more radiant, consider installing light bars on either side of your vanity mirror, suggests Jamie Gold, an independent kitchen and bath designer based in San Diego, CA.

"Side lights give more attractive illumination than light from above," Gold says.

What's another trend that can improve your bathroom's appearance and save you money? Gold says that fixtures with LED bulbs are becoming increasingly popular thanks to their versatility, energy savings and their impressive longevity.

So how much of a return can you get for these smart fixes that brighten up your bathroom? Gold says that with the improved look and functionality of the room, along with the potential energy savings from the more efficient bulbs, the ROI is likely to be at least 70 percent.

[Are you ready to remodel your bathroom? Click to find a contractor in your area now.]

Project #2: Update the Vanity

"Outdated vanities can usually be spotted by their color and their fixtures," says Stephen Hasty, a former real estate agent, current master plumber, and owner of Steve's Plumbing and Drain Cleaning in Lincoln, Maine.

How do you know if your vanity is the bathroom equivalent of parachute pants or shoulder pads? Hasty says pastel-colored sinks, '80s-style golden oak vanities, and sinks shaped like clam shells are all outdated styles that can make your whole bathroom look old-fashioned.

For a modern upgrade, Hasty recommends installing a floating vanity, which attaches to the wall rather than standing on the floor. He says another option to help update your bathroom is a vessel sink, which sits on top of your counter like a bowl.

If you're ready to trade in your avocado green sink for something sleeker and more appealing,  the change can certainly be worth your effort. In fact, Hasty reports that a good vanity update in the master bathroom can fetch a 100 percent return on your investment.

[Click to find a contractor to help with your bathroom renovation.]

Project #3: Refinish or Replace an Old Bathtub

Tubs and showers are often the first items potential homebuyers notice when they walk into a bathroom, says Hasty. And if a tub is extremely outdated or dirty beyond repair, it can quickly turn off a potential buyer. Not only that, but it can make your regular bathing experience fall slightly short of relaxing.

If your tub is permanently stained or comes in an outdated color - like baby blue, pink, or greenish-yellow - Hasty says you can simply replace it with a white tub. This low cost switch could bring you a 100 percent return on your investment by creating a fresh, clean look in your bathroom, says Hasty.

For a more budget-friendly option, you can also salvage the tub you currently have by refinishing it, instead of replacing it.

According to the Professional Bathtub Refinishers Association (PBRA), "Refinishing will give the old fixtures a smooth glossy or satin finish in a matter of hours. This non porous finish actually meets or exceeds manufacturer's specifications for stain and acid resistance," notes their website.

What's more, refinishing your bathtub can yield a savings of 80 percent when compared to the cost of replacement, according to the PBRA.

[Do you want to refinish your bathtub? Click to find a contractor in your area now.]

Project #4: Modernize Flooring

"I still find bathrooms with peeling vinyl, cracked tile and damaged grout, or old carpeting," says Gold. Not exactly what you want to step onto when you get out the shower.

If your flooring has deteriorated or if it looks like it's from another era (again, Hasty warns against the defunct pastel coloring), the good news is that there are several options for getting a more modern look.

Hasty recommends installing large tiles in neutral colors, while Gold suggests using rectified porcelain tile, which can mimic the look of stone or wood and requires very little maintenance. Gold says that a high-traction, low-slip flooring option can be attractive for homeowners and homebuyers who are aging or who have aging parents living with them.

By making the bathroom more attractive and potentially safer, a flooring renovation can bring in a 70 percent or higher return on your investment, according to both Hasty and Gold.

[Click to find a contractor to help with your flooring renovation.]

Project #5: Add Storage Options

Between towels, toilet paper, cleaning supplies and beauty products, your bathroom can start to feel like just another cluttered closet.

If your bathroom is lacking in extra space, Gold suggests taking advantage of affordable upgrades like adding drawer organizers or roll out shelves to existing storage spaces, or installing a tilt out tray or a shelf above a door.

For a trendier storage update (that comes with a higher price tag), Gold recommends installing tall, recessed cabinets to give previously unused wall space a new purpose and function.

If you're looking to potentially sell your home in the future, these small adjustments could make a big difference, with Gold pointing out that "storage is one of the highest priority items for homebuyers."

And because storage options are in high demand, Gold says a significant storage addition can give homeowners more flexibility with their space, while fetching a 100 percent ROI if the workmanship is polished and skillfully executed.