Last week, I posted about the interior home-remodeling projects that have the most buyer appeal. This week, I wanted to circle back to some of those same projects and look at the value each can add to your home.
This information comes from the same report by the National Association of Realtors that I sourced in the previous post. Members of the National Association of the Remodeling Industry estimated costs for each project, and Realtors estimated the value added. The "value recovered," which I've listed with each project, is the value added divided by the cost, or a representation of how much of the initial investment a homeowner might expect to get back at resale.
Remember, there are variables to take into consideration on any remodeling project. This list is simply meant to give you a ballpark idea of what you could expect to get back from certain projects. Your particular outcome will certainly vary.
Kitchen upgrades and renovations
Complete kitchen renovation
Value recovered: 67%
Kitchen upgrade
Value recovered: 67%
Bathroom renovation or adding a bathroom
Adding a bathroom
Value recovered: 52%
Bathroom renovation
Value recovered: 58%
New wood flooring and refinishing hardwoods
New wood flooring
Value recovered: 91%
Hardwood flooring refinishing
Value recovered: 100%
New master suite
New master suite
Value recovered: 53%
HVAC replacement
HVAC replacement
Value recovered: 71%
For sure, the value recovered from home improvements varies a great deal from project to project. Before taking on any project, you should establish a budget, get multiple estimates and think about how long you plan to stay in the home. (Get more information about home improvement project costs and values from the report.)
I'd love to talk to you about the improvements you've made to your home and what you might recover from them at resale. Call me at (540) 353-0123 or email me at sonya@sonyadickinson.com. Browse my listings here and be sure to like my Facebook page.
