Homeowners who take on remodeling projects gain not only equity and more resale value in their home, they are also more likely to find satisfaction and enjoyment from their home, according to a new report from the National Association of Realtors®, with insights from the National Association of the Remodeling Industry.
The 2017 Remodeling Impact Report, www.nar.realtor/reports/remodeling-impact, the second of its kind from NAR, surveyed Realtors®, consumers who have completed remodeling projects, and members of the National Association of the Remodeling Industry.
Realtors® understand which remodeling projects and home upgrades will bring the most value to homeowners, and have unique and invaluable insights into how renovations and remodeling will bring the most benefit to homeowners.
Interior projects. For owners looking to sell their home, Realtors® named complete kitchen renovations, kitchen upgrades, bathroom renovations and new wood flooring as the interior projects that most appeal to potential buyers. When asked which interior projects yield the largest financial return upon resale, Realtors® named hardwood floor refinishing (recovers 100% of project costs upon resale), new wood flooring (91% of costs recovered) and insulation upgrades (76% of costs recovered). Bathroom renovations and adding a new bathroom yielded the smallest financial return upon resale, recouping approximately 50% of project costs.
Exterior projects. When it comes to exterior projects, Realtors® said new roofing will recover 109% of costs upon resale, more than any other project in the report. New roofing was also named the exterior project that most appeals to buyers, followed by new vinyl windows, a new garage door and new vinyl siding.
Source: 2017 Remodeling Impact Report ~ National Association of Realtors
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