If you’re expecting a big tax refund for this year, one of the best places to put your money is in a home remodeling project. Not only will you beautify and customize your living spaces for better use, but you can also increase the value of your property if you spend your money wisely. According to Remodeling Magazine, the following mid-range and upscale projects will give you the best Return on Investment, or ROI, around the Tennessee area.
Upgrading an existing 5’ x 7’ bathroom to one that is wheelchair-accessible recoups over 81 percent of your cost. This project includes widening the doorway, replacing an existing 3’ x 5’ tub and shower with a walk-in shower that is flush with the room floor, replacing the vanity with one that has storage and adding a taller-than-average toilet with a support bar.
Minor Kitchen Renovation
You don’t have to redo an entire kitchen to get a good ROI. In fact, a minor remodel of 200 square feet gives back almost 74 percent of the budget. This would include replacing the fronts of existing cabinets, replacing the countertops and changing the refrigerator and cooktop/oven for more modern energy-efficient models. The wall coverings and resilient flooring also need to be replaced.
Upscale Bathroom Remodel
Expanding a 35-square-foot bath to about 100 square feet returns over 62 percent of the cost. These upscale additions start with a 42 x 42 angled shower featuring walls covered in ceramic tiles, body-spray fixtures and an enclosure of frameless glass. They continue with a freestanding soaker tub, a one-piece toilet surrounded by its own compartment, and high-end faucets. The vanity uses a stone countertop with two sinks and two lighted mirrored medicine cabinets.
You get almost 60 percent back if you decide to add a new 48-square-foot bathroom over a crawlspace that includes poured concrete walls, painted trim and a floor with ceramic tile. The 30 x 60-inch white fiberglass tub-and-shower combo is also surrounded by ceramic tile and the cultured-marbled top of the vanity molds in a sink. Fixtures are finished in standard chrome.
Upscale Major Kitchen Remodel
A major upscale kitchen remodel of a 200-square-foot space recoups over 58 percent of the budget. The 30 linear feet of high-end custom cabinets have interior organization features like built-in sliding shelves. The stone countertops are highlighted by backsplashes in glass or ceramic tile, and the high-end undermount sink features water filtration and designer faucets. Appliances consist of a commercial-grade cooktop and vent hood, wall oven, built-in refrigerator and built-in microwave unit. Flooring is made of tile that may look like wood.
It’s time to take your home to the next level with a well-chosen renovation. Call us today at Hannah Custom Homes & Remodeling to schedule your next project.