Before you start remodeling, take a look at the Home Remodeling Impact Report to see the latest information on which renovations give the best return on investment. The 2017 Remodeling Impact Report by the National Association of Realtors Research Department is now available and provides valuable insight on getting the most bang for your buck. Sometimes the return may not matter but if you’re doing a major renovation, how long you’ll be in the home can make a difference. Needing to sell a home and not being able to recover the money for a renovation can be a difficult situation. And, your renovation dream may not be the next owners ideal renovation.
REALTOR® ranked projects’ appeal to buyers and the likely value to the home for resale
Complete Kitchen Renovation Kitchen Upgrade
Bathroom Renovation New Wood Flooring
Hardwood Floor Refinishing Add New Bathroom
New Master Suite / Owners’ Suite HVAC Replacement
Basement Conversion to Living Area Closet Renovation
Attic Conversion to Living Area Insulation Upgrade
The report identifies the top 3 projects for recovering the cost of renovation –
Install new wood floors at a cost of $5,500 will recover 91% of the investment – $5,000
Refinish wood floors at a cost of $3,000 will recover 100% of the investment – $3,000
New roof at a cost of $7,500 will recover 109% of the investment – $8,150
Although the full cost may not be recovered, this report also identifies the Joy Score for each renovation. After remodeling, 75 percent of owners have a greater desire to be in their home. 36 percent of owner say remodeling created better functionality and livability.
The report provides general costs and percentage of value recovered from 20 different home renovation projects. I believe the report will be valuable in helping decide your next renovation project. Based on the information, it’s usually not a good idea to do an extensive renovation in order to sell a home. Minor upgrades and expected repairs can help get you more money when you sell.
2017 Remodeling Impact Report