It’s hard to deny the rising cost of living in Knoxville, whether you’re at the gas pump or the grocery store. Everyone is feeling the pain of inflation, but the modest costs incurred for a bathroom remodel or a stylish tub to shower conversion has never been a better time for a great return on your investment. That’s great news for the 48% of people who can no longer stand the style of their outdated bathroom!
People remodel their bathrooms for a variety of reasons ranging from just plain dislike of their outdated bathroom to those who really need a bathroom make-over or walk in shower for safety reasons. It doesn’t matter which category you fall in to, there’s really no better time than now to get that old bathroom updated ………. And guess what….you already have the money in equity to make a great investment in bathroom remodeling!
Bathroom remodeling has always had a good return on investment, especially in Tennessee where you can enjoy a ROI (return on investment) well above the national average of 59% immediate return. According to THE NY TIMES Tennesseans can enjoy a WHOPPING 77% ROI. Now that’s something to think about…..A Knoxville homeowner can spend 20,000.00 on a full bathroom remodel and then watch as their home value automatically increases by 15,400.00
Knoxville has experienced significant home appreciation rates in the last ten years, with an average annual appreciation rate of 8.26%, putting Knoxville in the top 20% nationally for real estate appreciation. Homes ranging from 180.00- 250.00 a square foot are typically sold within thirty days after being listed in the 64 neighborhoods in Knoxville. Homes in Lonsdale are typically the lowest in price with an average of 180,000.00 while homes in Sequoyah Hills are the highest with an average pricetag of 795,000.00.
As you can see even a modest home in one of Knoxville’s 64 neighborhoods will appreciate enough in one year to fully cover all the costs associated with remodeling your bathroom and realizing an actual return on your investment.
It really is simple. Use your homes appreciation to your advantage and enjoyment. Combining the WHOPPING 77% AVERAGE RETURN on bathroom remodeling with Knoxville’s rapidly appreciating home values and your new bathroom remodel is basically a free upgrade that you enjoy until you decide to cash in and sell your home. Experts at NASDAQ predict that by 2026 the average median price for a home ibn Knoxville could top 431,000.00. How’s that for appreciation?