We remodel our homes for a variety reasons – family size has changed, time to modernize, personal enjoyment, and to help sell your home. Whether you are considering selling in the next year or staying in your current home, the return on your investment is an important component in considering which project to tackle next.
So, what projects have the greatest value recovery at the time of sale?
Most improvements yield less than 100% recovery so it is important to know what the return can be. These are averages for returns on particular home projects, according to the National Association of Realtors:
- Kitchen Upgrade 67%
- Complete Kitchen Renovation 67%
- Bathroom Renovation 58%
- Add New Bath 52%
- Insulation Upgrade 95%
- New Vinyl Siding 83%
- New Vinyl windows 80%
- Closet Renovation 57%
- New Wood Floors 91%
- Hardwood Floor Refinish 100%
- HVAC Replacement 71%
- New Garage Door 87%
- New Roofing 105%
Interesting fact about Paint from the National Association of Realtors is that one of the easiest and most cost-effective ways to increase your home’s value is the simplest to do: paint.
“It’s the least expensive investment for the biggest return,” says Jennie Norris, chairwoman of the International Association of Home Staging Professionals and her own Denver-based home staging business, Sensational Homes.
Painting the interior results in a 107% on the return on investment, and painting the exterior leads to a 55% ROI, according to a HomeGain 2012 Top DIY Home Improvements for Seller Survey. Painting the interior costs on average $967, and offers a $2,001 increase in value. Painting the exterior cost $1,406 and results in a $2,176 increase in value.
About 68% of Realtors recommend painting walls and 62 percent recommend paint touch-ups, according to a 2017 survey by the National Association of Realtors.
