{"id":10856,"date":"2022-04-19T11:18:35","date_gmt":"2022-04-19T16:18:35","guid":{"rendered":"https:\/\/therealdaily.com\/?p=10856"},"modified":"2022-04-20T11:38:31","modified_gmt":"2022-04-20T16:38:31","slug":"remodeling-projects-increase-home-value","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/homeownership\/remodeling-projects-increase-home-value\/","title":{"rendered":"The remodeling projects with best ROI that actually increase home value"},"content":{"rendered":"<p>If you\u2019re looking to help your clients to identify which projects to tackle before putting their home on the market, look no further: the <a href=\"https:\/\/www.nar.realtor\/reports\/remodeling-impact\">National Association of Realtors<\/a> surveyed thousands of real estate agents, industry professionals, and consumers on interior and exterior house remodeling projects, and <em>these<\/em> are the best projects for upping a home\u2019s value before listing it on the market, ranked on the most value and cost recovery a homeowner can get.<\/p>\r\n<ul>\r\n<li><strong>Refinishing hardwood floors.<\/strong> Start from the bottom to earn top dollar. Refinishing floors transform a home from worn-out and aging to vibrant and inviting, and only costs about $2500 according to the National Association of the Remodeling Industry (NARI). The project also increases a home\u2019s value by that same amount, meaning a homeowner can recover 100 percent of the costs. Pretty sweet deal.<\/li>\r\n<li><strong>Upgrading insulation. <\/strong>Because it\u2019s what\u2019s inside that counts. This project costs about $2100 based on NARI Remodeler\u2019s estimate and increases a home\u2019s value by $2000 according to Realtors surveyed. That\u2019s a 95% cost recovery.<\/li>\r\n<li><strong>Adding new wood floors. <\/strong>If you don\u2019t have wood floors to refinish, add them in! This costs about $5,500 according to NARI Remodelers, and the increased sales value is $5000. A homeowner can recover 91% of costs from a new wood floor addition.<\/li>\r\n<li><strong>Replacing HVAC system.<\/strong> A new HVAC system adds energy efficiency and refreshes the entire home, and NARI Remodelers estimate doing so costs $7000. The increased value for sellers is $5000 according to NAR REALTORS, meaning an easy breezy 71% cost recovery for homeowners.<\/li>\r\n<li><strong>Converting a basement into a living area.<\/strong> Not only is this cost and space-efficient, it\u2019s also undeniably trendy. A basement makeover costs about $36,000 according to NARI Remodelers estimate and increases value for sellers by $25,000 according to Realtors surveyed. That comes out to a cost recovery of 69%.<\/li>\r\n<\/ul>\r\n<p><strong>Which projects are the most costly?<\/strong><\/p>\r\n<p>In case you\u2019re curious, these are some of the most expensive remodeling projects:<\/p>\r\n<ul>\r\n<li><strong>New master suite. <\/strong>More like master $uite &#8211; this costs about $112,500 with a cost recovery of 53%.\u00a0<\/li>\r\n<li><strong>Converting an attic into a living area.<\/strong> Cute idea, but also a $65,000 one with a 61% cost recovery. One might say the price is through the roof.<\/li>\r\n<li><strong>Complete kitchen renovation.<\/strong> This project costs an estimated $60,000 with a 67% cost recovery. Even more if you want to throw in a brick oven, and you probably do.<\/li>\r\n<li><strong>New bathroom.<\/strong> With an estimated cost of $50,000 and a 52% cost recovery, make sure you aren\u2019t flushing money down the drain with your bathroom addition!<\/li>\r\n<\/ul>\r\n<p>These trends change over the years, so make sure your knowledge is up to date locally since we all know local trends trump national. Hopefully today you&#8217;ve garnered some ammo to help clients better understand how to improve their home&#8217;s value!<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>(HOMEOWNERSHIP) Knowing which remodeling projects to tackle when a home is being put on the market can save a lot of wasted effort and money.<\/p>\n","protected":false},"author":337689,"featured_media":10857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[602],"tags":[346,1234,1472],"class_list":["post-10856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeownership","tag-home-prices","tag-real-estate-news","tag-remodeling"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2017\/02\/remodeling.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/10856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337689"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=10856"}],"version-history":[{"count":7,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/10856\/revisions"}],"predecessor-version":[{"id":18621,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/10856\/revisions\/18621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/10857"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=10856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=10856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=10856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}