From quick upgrades to major renovations, home remodeling projects can be an effective way to enhance your enjoyment of your living space while (hopefully) boosting resale value. However, many home improvements carry significant costs—and particularly if you’re planning to move soon, you may be wondering which upgrades offer the strongest return on investment. While specific amounts will vary depending on the market in your area and your home’s price range, the National Association of REALTORS® Research Group’s 2022 Remodeling Impact Report offers some interesting insights into the most valuable home improvements. Here are a few key takeaways from the report:
– When it came to interior remodeling projects, hardwood floor refinishing carried the greatest cost recovery at 147% of the project cost; homeowners spent an average of $3,400 to have their hardwood floors refinished and recovered an estimated $5,000 in added value at resale. Installing new wood flooring was close behind at 118% cost recovery, followed by upgrading the home’s insulation at 100%.
– While kitchen and bathroom remodels are often thought to have the greatest impact at resale, these projects fell lower on the list in terms of cost recovery, with complete kitchen renovations at 75% and bathroom renovations at 71%. Only 13% of realtors said they would recommend that their clients undertake a kitchen renovation before selling their home, and 26% would recommend a bathroom renovation.
– As far as exterior remodeling projects, adding new roofing and new garage doors delivered the highest ROI, both with 100% cost recovery. Surprisingly, new windows and doors yielded the least amount of value at resale. New vinyl windows had an average cost recovery of 67% and new wood windows 63%, with only 4% of realtors saying they’d recommend that their clients install either before putting their homes on the market. New steel front doors brought a cost recovery of 63% and fiberglass doors 60%, and just 3% of realtors would recommend these upgrades.
Source: cdn.nar.realtor
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