According to a recent study from Remodeling Impact Report, homes with refinished hardwood floors are some of the most popular around. Not only do they look great, but refinishing hardwoods can recover up to 147% of their cost at resale!
Hardwood floors are one of the most popular remodeling projects because they can make any room look and feel like a new space. Hardwoods have a natural beauty that will never wear down with time, making them worth their high price tag at resale—even if you add refinishing.
Home remodeling projects are not only offering a potential boost at resale; they're also making homeowners happier. Painting the interior of your house, adding office space for you inside or out - it's all up to what will make them feel most comfortable! And who doesn't want that?
The housing market is booming as homeowners strive to make their homes look better through significant house additions or small one-room painting jobs.
Homeowners who want to sell their homes or rent them out might consider remodeling the house for its value and appeal. Home renovation projects can be costly, so when done right, they should also increase your property's marketability by giving it new life through updated features that will attract buyers.
The number and type of remodeling projects can significantly affect the value gained by selling your home. For this reason, you must work with an experienced professional who has access to all relevant information when considering these changes for them to help improve and increase resale worth.
When you need to sell your home, the floors must be in good shape. If they're not up-to-date with today's trends and technology, buyers may disqualify them immediately! For example, upgrading insulation can make a big difference at 100%.
The research report shows that new roofing and garage doors have recovery rates among exterior projects reaching 100% of the project costs.
Kitchen upgrades have a high potential payback at resale! NARI remodelers estimate that an average kitchen makeover will cost around $45,000. But real estate agents surveyed estimated the recovery rate to be 67%.
Homeowners were asked to rate the joyfulness of different types of home renovations. The 10 most enjoyable projects for homeowners include:
Painting a home's entire interior
Painting one room
Adding a home office
Hardwood floor refinishing
Closet renovation
Insulation upgrades
The majority of homeowners are looking for ways to improve their homes. One way they do this is through remodeling, which can be motivated by things like increasing functionality or livability and improving durability in materials and appliances inside the house. Other motivators include wanting more extraordinary beauty, with aesthetics being another popular one among those surveyed.
The U.S., with its ever-growing population and continued rise in consumer spending, is a perfect candidate for remodeling projects that will benefit not only homeowners but also contractors alike! Americans spent $420 billion on home renovations throughout 2020 - more than any other country has seen so far this year alone, according to The 2022 Remodeling Impact Report.
