Home renovations can feel overwhelming, time consuming and immediately you think…WOW this is going to be expensive. Although, there are unknown variables on project timelines and budgets there is great reward when renovating your home. Think about it like this, you are investing in your future or simply making your quality of life better through this renovation. Good news, these renovations will pay you back!
Looking to see a return on your investment? These top three renovations are scarily great!
- New roof (107% ROI)
- New hardwood floors (100% ROI)
- Refinished hardwood floors (100% ROI)
Nailed it! If you guessed any of these renovations you are on your way to selling your home faster than you can say, “RealtySouth!”
Although a new roof is not flashy, it the most practical renovation needed for resale.New roofing is a big investment that you must splurge on in order to receive top dollar. According to the 2019 Impact Report, “33% of sellers said that this renovation helped close a sale.” New roofs provide a 107% of value recovered for this project alone.
New hardwood floorsare one of the best options for resale and return on investment. This renovation will provide a 106% of value from your initial investment and consistent flooring throughout the home will attract more home buyers. According to the National Association of REALTORS®, “78% of homeowners have a greater desire to be home since completing the home renovation.”
Do you have hardwood floors that are worn-out? This is a great way to add instant appeal to your home when it is time to sale. The best part of refinishing hardwood floors is the value added and 100% is recovered from the project. This renovation pays off and is worth looking into.
How many times have you looked at that one wall in your house and dreamed it was a different color, or glanced at your kitchen and cringed? Here are some more not-so-scary renovations to consider.
According to NAR, “A complete kitchen renovation ranks the highest amongst other renovations as appealing to potential buyers and you are more likely to see a return on your investment when it comes time to resale your home.”
After renovating your kitchen, 93% of homeowners have a greater desire to be home since completing the project. Not only it is aesthetically pleasing, 46% of homeowners report having better functionality and livability. Here is the real question, how much money will I make after the fact? If spending a total of $68,000 towards your kitchen renovation, REALTORS® estimates that $40,000 cost will be recovered, which is 59% of value from the kitchen remodel.
Everyone knows that kitchens and bathroom renovations help sell a home. Did you realize that you could potentially make 57% return on your bathroom renovation? According to the 2019 Remodeling Impact Report, “80% of homeowners feel a major sense of accomplishment when they think of the project, and 58% have an increased sense of enjoyment when they are home.”
Regardless if you want to DIY these projects or invest in a contractor, making your home feel like you and your family is the best investment. Home is where you make memories and celebrate the big milestones. Take the time to make your house feel like home.
RealtySouth is a full-service brokerage firm of HomeServices of America Inc., and a Berkshire Hathaway affiliate. Headquartered in Birmingham, Alabama, RealtySouth serves the entire state and has been a member of the community since 1955. To better serve our community and provide a smooth and successful real estate transaction, our company offers a comprehensive package of real estate services. Our services include relocation through our Relocation Services Department, mortgages through Prosperity Home Mortgage, title search through TitleSouth, insurance needs via InsuranceSouth, Title Closing Centers, warranty services and of course connecting you with the real estate agent to introduce you to the home of your dreams. View homes for sale and contact us today to get started!
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