5 Best Updates for Improving a Home’s Value
There are a lot of reasons homeowners remodel or upgrade their homes. Some may do so to increase the home’s resell value. Others may renovate their home so it better fits their needs. And some may do so just because they’re tired of their home’s paint, flooring or countertops.
According to the National Association of REALTORS® (NAR), 74% of homeowners have a greater desire to be in their home after remodeling and 65% reported increased enjoyment in their home. So, clearly, fixing up your house is just as much about making it fit your needs and style as it is about increasing its market value.
But, let’s face it, if you plan to put your home on the market any time soon, you probably want to know how to make it most appealing to buyers. The more buyers interested in your humble abode, the more you’re likely to fetch.
Well, we took a deep dive into NAR’s 2019 Remodeling Impact Report to dig up the five projects realtors said are most likely to appeal to buyers, along with the reasons homeowners gave for taking them on in the first place.
- Complete kitchen renovation: The number one project most likely to appeal to buyers is also the most costly. The NAR estimates a complete kitchen renovation will cost $68,000, but $40,000 of that could be recovered when it comes time to sell. Nearly 20% of homeowners said their reason for remodeling a kitchen was due to recently moving into a home and wanting to customize it to their personal tastes. And 12% of realtors have suggested sellers complete a kitchen renovation before attempting to sell, and 10% reported the project helped to close a sale.
- Kitchen upgrade: Clearly, kitchens are at the top of mind for homeowners, realtors and buyers. Almost one-third of homeowners surveyed said the reason for upgrading a kitchen was to replace worn-out surfaces, finishes and materials, while 20% said it was simply time for a change. Almost 40% of realtors have suggested sellers complete a kitchen upgrade before attempting to sell and 20% of realtors said the project helped to actually close a sale.
- HVAC replacement: What’s more important than knowing your home will be cool in the summer and cozy in the winter? No wonder HVAC system upgrades are a priority. And what is the most important result of this type of project, as reported by homeowners? Better functionality and livability. And 52% said the reason for taking on the project in the first place was to improve energy efficiency. More than 20% of realtors have suggested sellers replace a home’s HVAC system before attempting to sell and 7% said the project helped to close a sale.
- New wood flooring: Few projects have so unanimously made homeowners want to stay at home more than improved flooring. And nearly 80% of owners surveyed said they have a greater desire to be home since installing new wood flooring. Additionally, 67% said they have an increased sense of enjoyment when they are at home. Now, here’s something important: Among all 12 interior home projects included in the 2019 Remodeling Impact Report, only one proved to fetch more money than it cost. Any surprise as to which type of project that might be? You guessed it, new wood flooring! In fact, the estimated cost recovered from installing new wood flooring is 106% of the project’s cost. Nearly 16% of realtors have suggested sellers install new wood flooring before attempting to sell, while 5% said the project helped to close a sale. And if you’re in the market, be sure to check out our good friends at Lambert Hardwood Flooring for your next floor renovation project.
- Bathroom renovation: Let’s be real: Is there a more important room in your house? Anyone who has lived with an outdated bathroom will find it no surprise that the top reason homeowners reported doing this project was to upgrade worn-out surfaces, finishes and materials. It’s no surprise that 70% of owners have a greater desire to be home after completing the project. And 33% of realtors have suggested sellers complete a bathroom renovation before attempting to sell. In fact, more realtors have suggested a bathroom renovation to attract buyers than any other interior project.
Whether it’s simply time for a change or to increase your home’s worth, remodeling is a surefire way to increase a property’s value to both homeowners and buyers.
And do you know what most interior projects have in common? A need for upgraded vent solutions. Get rid of those flimsy sheet metal or broken plastic vent covers. There’s no easier or more cost-effective solution for beautifying your floors than with a top-quality, beautiful, solid steel vent cover.
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