When you think about remodeling the interior of your home, do you immediately think of a kitchen or bathroom renovation? Most people do.
But according to a study published by the National Association of Realtors (NAR) and the National Association of the Remodeling Industry (NARI), a kitchen remodel only recoups 67% of its cost at resale. In fact, there are plenty of other upgrades that reap a bigger payback.
Here are the top three indoor home remodels that have the biggest payback.
Wood floors are very attractive to today’s buyer and can help sell a home more quickly. According to Bankrate.com, the average cost of a new wood floor is around $5,500, and homeowners can expect to recoup approximately 91% of that cost when they sell their home. If you already have a hardwood floor, consider doing a refinish, which can recoup 100% of its value at resale.
Believe it or not, home insulation upgrades pay off well at resale. While buyers don’t necessarily get excited about insulation, they do see the long-term value. An insulation upgrade costs around $2,100, and you can expect to recover around 95% of your investment.
#3—Converting a basement to a living area
Both buyers and sellers get excited about basements converted to living space. Most sellers can recoup around 69% of that project cost in resale—plus, they get to enjoy the extra living space while they still inhabit the home.
Of course, local markets and trends vary in how they value market upgrades. If you’re wondering whether a specific upgrade will help your home’s sale price, talk to a realtor who has experience in your neighborhood.
Your ReeceNichols realtor can recommend the best upgrades to increase home value in your neighborhood. Contact us today.