When the time comes to sell, homeowners have a tendency to look for improvements, big or small, to encourage a timely and top-dollar sale. Although sellers may not be the only ones to benefit from upgrades and remodels. Many homeowners who choose to stay in their current home can reap the benefits as well. The National Assocation of Realtors (NAR) recently published a blog sharing some of the best projects in regards to “bang for your buck” and overall homeowner satisfaction.
Realtors® list of most appealing interior projects to potential buyers included kitchen upgrades, whole kitchen renovations, bathroom remodels, and new wood flooring.
Similarly, Realtors® also named projects based on expected value at resale (without accounting for project price). This list included whole kitchen renovations, kitchen upgrades, bathroom renovations and the addition of a bathroom.
According to NAR’s 2015 Remodeling Impact Report, which uncovers the reasons homeowners choose a remodel, 64% have experienced increased enjoyment in their home after completing a remodeling project. Additionally, 75% of respondents said they felt a major sense of accomplishment when thinking of their completed project. Fifty-four percent of respondents felt happy about the changes to their home, and 40% felt satisfied. As for their reasons to complete a remodeling project, 38% of homeowners said they wanted to upgrade worn-out surfaces, finishes and materials; 17% wanted to add features and improve livability; and 13% believed it was time for a change.
When looking at the interior projects that yield the biggest financial results upon resale, Realtors® ranked hardwood flooring refinishes (100% of project cost recovered upon resale), insulation upgrades (95% recovered), new wood flooring (91% recovered), and converting a basement to a living area (69% recovered) as projects to consider.
Exterior projects are also important for both sellers and homeowners looking to increase satisfaction with their current home. Realtors® said new roofing, new vinyl windows, new garage doors and new vinyl siding are most appealing to potential buyers and are highly valued upon resale (both considering project price and disregarding project price). Upon resale, Realtors® said new roofing would recover 105% of its project cost, a new garage door would recover 87%, new vinyl siding would recover 83%, and new vinyl windows would bring back 80% of their cost.
So regardless of motives, a quality remodel can enhance your home. It can add peace and satisfaction to your current living situation, or it can help enchance cosmetic value and equity during the selling process.