Renovations That Add Value to Your Home

We’ve all seen those television shows like Love It or List It on HGTV. These television programs have a professional remodel a home that the owners are thinking of selling, meanwhile a Realtor takes them house hunting. Then, when the remodel is complete the sellers have to choose whether to stay in their beautifully remodeled home, or jump ship and buy a new home. Not surprisingly, 74% of owners have a greater desire to be in their home after a remodel. Whether you are thinking of selling or staying, here is a breakdown of the top ten remodeling projects that will add value, functionality and livability to your home.

1. New Roofing:

Estimated Cost = $7,600

Value Recovered Through Resale = 105%

125 E. Maple
45% of Realtors suggest new roofing before attempting to sell, and 1% say that new roofing helps close a sale. *NARI estimated cost of new roofing: $7,600, costs recovered through resale $8,000. 105% of value is recovered in the sale of a home. 61% have a greater desire to be in their home once completed.

2. New Wood Flooring:

Estimated Cost = $5,500

Vale Recovered Through Resale = 91%

http://www.houzz.com/photos/modern/hardwood-flooring
http://www.houzz.com/photos/modern/hardwood-flooring

19% of Realtors suggest new wood flooring before attempting to sell, and 1% say that new wood flooring helps close a sale. *NARI estimated cost of new wood flooring: $5,500, costs recovered through resale $5,000. 91% of value is recovered in the sale of a home. 77% have a greater desire to be in their home since completed.

3. New Garage Door:

Estimated Cost = $2,300

Value Recovered Through Resale = 87%

26% of Realtors suggest a new garage door before attempting to sell, and 3% say that a new garage door helps close a sale. *NARI estimated cost of a new garage door: $2,300, costs recovered through resale $2,000. 87% of value is recovered in the sale of a home. 39% have a greater desire to be in their home since completed.

4. New Vinyl Siding:

Estimated Cost = $12,000

Value Recovered Through Resale = 83%

6% of Realtors suggest new vinyl siding before attempting to sell, and 1% say that new vinyl siding helps close a sale. *NARI estimated cost of new vinyl siding: $12,000, costs recovered through resale $10,000. 83% of value is recovered in the sale of a home. 63% have a greater desire to be in their home since completed.

5. New Vinyl Windows:

Estimated Cost = $15,000

Vale Recovered Through Resale = 80%

21% of Realtors suggest new vinyl windows before attempting to sell, and 8% say that new vinyl windows helps close a sale. *NARI estimated cost of new vinyl windows: $15,000, costs recovered through resale $12,000. 80% of value is recovered in the sale of a home. 61% have a greater desire to be in their home since completed.

6. Kitchen Upgrade:

Estimated Cost = $30,000

Value Recovered Through Resale = 67%

Kitchen Upgrade
photo by Laurey W. Glenn
http://www.thisoldhouse.com/toh/photos/0,,20809021_30141305,00.html

57% of Realtors suggest a kitchen upgrade before attempting to sell, and 25% say that a kitchen upgrade helps close a sale. *NARI estimates that a kitchen upgrade costs $30,000. 67% of value that is recovered in the sale of a home. 82% want to stay once a kitchen is upgraded.

7. Complete Kitchen Renovation:

Estimated Cost = $60,000

Value Recovered Through Resale = 67%

17% of Realtors suggest a kitchen renovation before attempting to sell, and 12% say that a kitchen renovation helps close a sale. *NARI estimated cost of whole kitchen remodel: $60,000, costs recovered through resale $40,000. 67% of value is recovered in the sale of a home. 90% have a greater desire to be in their home since completed.

8. Bathroom Renovation:

Estimated Cost = $26,000

Value Recovered Through Resale = 58%

http://www.hgtv.com/shows/divine-bathrooms-with-candice-olson/bathroom-renovation-ideas-from-candice-olson-pictures
http://www.hgtv.com/shows/divine-bathrooms-with-candice-olson/bathroom-renovation-ideas-from-candice-olson-pictures

45% of Realtors suggest a kitchen renovation before attempting to sell, and 6% say that a kitchen renovation helps close a sale. *NARI estimated cost of a bathroom remodel: $26,000, costs recovered through resale $15,000. 58% of value is recovered in the sale of a home. 62% have a greater desire to be in their home since completed.

9. New Master Suite/Owner’s Suite:

Estimated Cost = $112,500

Value Recovered Through Resale = 53%

New master suite/Owner’s Suite: 4% of Realtors suggest an owner’s suite renovation before attempting to sell, and 1% say that an owner’s suite renovation helps close a sale. *NARI estimated cost of an owner’s suite renovation: $112,500, costs recovered through resale $60,000. 53% of value is recovered in the sale of a home. 88% have a greater desire to be in their home since completed.

10. Adding a Bathroom:

Estimated Cost = $50,000

Value Recovered Through Resale = 52%

8% of Realtors suggest adding a bathroom before attempting to sell, and 2% say that adding a bathroom helps close a sale. *NARI estimated cost of adding a bathroom: $50,000, costs recovered through resale $26,000. 52% of value is recovered in the sale of a home. 78% have a greater desire to be in their home since completed.

 

Statistical information from the National Association of Realtor’s 2015 Remodeling Impact Report.

*(NARI) National Association of the Remodeling Industry cost survey based on a 2,450 square foot home in good condition.

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