With the new year upon us, many homeowners are preparing to tackle their property to-do lists. This often includes remodeling projects, and with budget and time always a factor, many choose to prioritize certain areas of the home to focus on. For those remodeling with anticipation of selling, there are many remodeling projects that will give you satisfaction in completing and should increase the value of your home when you sell. Here are some of the best for overall value…
Remodeling Projects to Increase Home Value
The statistical analysis and data branch of the National Association of Realtors has put forth data on the best remodeling projects that can help increase the value of your home, so you get more money when you sell.
The 2019 Remodeling Impact Report, an examination of 20 projects, surveyed Realtors, consumers who have taken on home renovation projects and members of the National Association of the Remodeling Industry.
They found the remodeling projects that had the best overall value for sellers were: #1 New Roofing, #2 New Hardwood Floors, #3 Refinished Hardwood Floors. More of the costs are expected to be recovered in the added value to the home.
Recovered Costs vs. Joy Score of Interior Remodeling Projects
As a part of the survey of 12 interior remodeling projects, the NAR Research Department also asked about the satisfaction of seeing a project to completion (“Joy Score”).
The top 3 projects with the highest Joy scores were #1. Kitchen Renovation #2 Closet Renovation and #3. Full Interior Paint Job.
46% note that a remodeled kitchen will lead to better functionality and livability. The top two reasons given for a complete kitchen renovation are to upgrade worn-out surfaces and materials and to customize to personal tastes.
View the full report and learn more about NAR’s methods in the video below.
I’m Thinking About Selling – What Should I Do?
Every home is unique and home remodeling projects vary greatly depending on your home’s condition. Considering talking to an experienced Robert Paul Properties Realtor who can help you plot the best course for remodeling and selling your home to earn top dollar.
*Disclaimer: The report provides a cost recovery estimate for representative remodeling projects. The actual cost of each remodeling projects and cost recovery are influenced by many factors including project design, quality of materials, location, age and condition of the home and homeowner preferences.