From Margaret on September 8th, 2011 in General Remodel
We’ve mentioned how the right renovation gets you great returns on your investment. We’re not kidding. Lindsay and Jason Schwager will attest to the fact.
These two Sarasota residents decided to undergo a huge renovation of their tiny two-bedroom, two-bath 1959 home in Arlington Park near Sarasota, Florida, and received a beautiful home and 93-percent return in the process.
Though they were novice homeowners, Jason as a restaurant manager had studied space planning and traffic flow, and Lindsay (whose maiden name is Chapman) came from a pedigree including Chapman and Associates, a real estate appraiser founded in 1951.
Being careful not to “overimprove” for the neighborhood, the Schwagers undertook a large home renovation overhaul. They had a vision. They drew it on paper. They hired a contractor.
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The finished space got them on a Tampa Bay episode of “Bang for Your Buck” on HGTV. The show evaluates three homeowners who spend $70,000 on a great renovation to see which candidate receives the highest return on investment.
Here is where you want to take more notes. Renovations, with a return and beautiful renovation in mind, included several areas of the house. Aside from the opening up the great room, the couple wanted a modern kitchen. They also wanted new roofing, a new bathroom, and new floors.
Upgraded appliances and countertops and materials. With all of these renovations being notoriously high on investment return (as well as improving current living enjoyment), this renovation was immediately headed in the right direction.
The couple also went for changes that gave a big bang for their buck. New dramatic light fixtures. High ceilings and beautiful window additions in the new entrance foyer.
“The foyer cost $12,000 for the 68-feet of new space, but it makes all the difference in the world,” Lindsay says. The addition changes the entire look of the exterior, creating “a sense of arrival and a formal transition from outside to inside.”
As extensive as these renovation projects seem to be, the entire project only took five months.
And out of the total $140,000 they spent on the house and yard renovations, the remodel has been appraised for a potential 93% return. Especially considering the ongoing economic slump, that number is absolutely incredible.
Photos via Herald-Tribune