Refinishing Vs. Replacing: Which Home Renovations Have The Best ROI?
Refinishing is an excellent way to make elements of your home look like new -- but there are certain areas of your home that may take to refinishing better than others. If you're wondering whether to refinish or replace during your renovations, you may want to consider which option will give you the best return on investment (ROI).
Best: Bathroom Tub Refinishing
Replacing a bathroom tub is a more complex process than it may initially seem to be. Not only are expensive tubs heavy and cumbersome, but they need to be fit into a specific area and hooked up to the home's plumbing. Both the purchase of a new tub and its installation will be fairly expensive. For a better ROI, you can simply have your current bathroom tub refinished. This will give you a tub that looks brand new, and the difference between it and a brand new tub usually won't matter to a prospective buyer.
Worst: Counter Refinishing
Though you can refinish a counter to look just like granite, it's usually not worth the trouble. Most buyers are looking for very specific types of counters -- if you don't have it, it's not going to have a lot of value. Kitchen and bathroom counters are one of the areas in which a trendy replacement usually always has the best ROI, even if it may be fairly expensive to purchase and install.
Best: Hardwood Floor Refinishing
A good hardwood refinishing almost always increases the value of a home. Even better, it's fairly easy to refinish your floors yourself; you just need a good belt sander and some time. In terms of refinishing vs. replacement, replacement is usually always unnecessarily expensive unless your hardwood has been seriously damaged or has warped over time. Even warped wood can sometimes be repaired.
Worst: Cabinet Refinishing
Whether or not a cabinet refinishing has a positive ROI highly depends on the type of cabinet. Repainting cheap cabinets really isn't going to help ROI; the buyers will know that the cabinets likely have to be replaced regardless. Re-staining solid wood cabinets, on the other hand, may actually be beneficial if they have dulled or gotten stained over time. If your cabinets are particle board, plastic, or a cheap veneer, consider replacing the cabinet doors instead -- this is far cheaper than replacing the entire cabinets.
Of course, just because refinishing isn't the ideal option doesn't mean that it isn't the best solution for your circumstance. If you can't afford a renovation, a refinishing may still be better than nothing -- it all depends on your budget and your priorities. A restoration and renovation company can give you a better picture of what's realistic for your home.
For more information and options, talk with a refinishing company, such as Number One Tub & Tile repair and resurfacing.