Updating a home can really make a difference in how fast it sells and for what price. An updated home can sell an average of 30% faster than a home without improvements, the National Association of Realtors (NAR) shows. NAR released their 2022 remodeling impact report that lays out the average return on investment in home renovation projects. Here are some of the top improvements you can make to enjoy your home, but also recoup your investment when it’s time to sell later down the road.
1. REFINISHING HARDWOOD FLOORS
According to the report, refinishing a home’s hardwood floors will bring the largest return on investment. Homeowners spent an estimated average of $3,400 refinishing their floors, and the project added an estimated resale value of $5,000 to the home, resulting in a 147% cost recovery.
2. NEW WOOD FLOORS
Homeowners who decided to install new flooring also saw a very high return on investment, spending an estimated $5,500 on new wood floors but getting an estimated resale value of $6,500, or a recoupment of 118%.
3. UPGRADING INSULATION
Coming in third on this list at a 100% return on investment, is upgrading the insulation of your home. Homeowners spent an average of $2,500 and got at least what they spent back.
4. MAINTAINING LANDSCAPING
Maintaining your homes landscaping can go a long way. Annual mulch application, regular mowing, pruning of shrubs, and planting flowers all really provide to the curb appeal. NAR estimated that lawn care would recover 267 percent of the cost estimated by landscape professionals.
5. KITCHEN & BATHROOM RENOVATIONS
Some of the large ticket items that usually come up when discussing home renovations are kitchen and bathroom renovations. According to NAR, both of these projects recoup 75% of the remodeling cost when they sell.
Painting a homes interior is the #1 recommended home improvement project before selling. It can really do wonders for lightening up a space, making it more clean, it’s really apart of the staging. Staging actually shows a 7% return on investment, and stages properties sell 3-30x faster than non-staged homes. As far as choosing a color, neutral colors reign for the largest buyer pool. Eighty-one percent of interior design experts recently surveyed say whites and creams are the best colors to use when selling a house in 2022.
Another interior painting project – freshly painted kitchen cabinets, which cost an average of about $1,319, really help buyers fall in love with a house, the study shows.
On the exterior of homes for sale, white is the most frequently recommended color for the second consecutive year. White received 58% of the vote from designers this year. Off-white also has increased in popularity, nabbing 41% in this year’s survey.