What Home Improvements Increase Home Value?
Whether you just purchased a home, thinking of selling or happy in your current home, everyone loves to add value to their home. When those projects that add value to your home also bring joy, enhancing your time at home, all the better! The National Association of Realtors recently published their study of these two items. We'll save you the 60 pages of charts. Here are the projects that were considered the best for value and joy.
For interior projects, the highest percentage cost recovered was refinishing hardwood floors. At a whopping 147 percent, the value of the home often increased more than the cost of this project.
Don't have hardwoods? Second place was installation of new wood flooring at 118 percent. Of course, this is a national study and hardwoods don't always make sense in Florida, so talking with a flooring expert about your options.
A surprising third place was one very few real estate agents talk about - upgrading insulation. At 100 percent cost recovery, this project usually pays for itself - and it might give your A/C help this summer, too.
When it comes to homes, money isn't everything, of course. The projects were also rated for Joy - did they make the homeowner want to be home more, and enhance their experience of being home?
Not surprisingly, number one was a complete interior paint job. A fresh look brings the most joy, according to the study. Paint was actually number 1 AND number 2, as even a single repainted room added joy.
Third place was adding a home office. No more kitchen table Zoom meetings!
Number four was a bit more involved project, but a complete kitchen remodel did bring a lot of happiness to homeowners.
But what about outdoors? The highest cost recovery of outdoor projects was installing new garage doors and, of course, roofing.
Previous NAR studies have found very high return on investment in landscaping, decks, patios and outdoor gathering areas (firepits, kitchens, etc.).