Making a house feel like home often requires a little renovation, but the average length of time a person spends in a home is only around 7-8 years. That means that money-wise homeowners will consider future buyers when planning their work. Here you will find the ten projects with the most resale value according to reports by the National Association of REALTORS庐 (NAR) and Remodeling by JLC.
NAR鈥檚 2022 Remodeling Impact Report
The 2022 Remodeling Impact Report from the National Association of REALTORS庐 Research Group found that 30% of consumers undertook their project to upgrade worn out materials or surfaces. Twenty percent wanted to increase their home鈥檚 livability or add features and 16% tackled the project because they wanted change. Among the renovations included in their survey, the following ten projects had the greatest estimated resale value.
- Hardwood Flooring Refinish: 147%
- New Wood Flooring: 118%
- Insulation Upgrade: 100%
- Roofing: 100%
- Garage Door: 100%
- Fiber Cement Siding: 86%
- Basement Conversion to Living Area: 86%
- Closet Renovation: 83%
- Vinyl Siding: 82%
- Complete Kitchen Renovation: 75%
Remodeling by JLC鈥檚 2023 Cost vs. Value Report
Remodeling by JLC and NAR鈥檚 reports have several shared projects in their top 10. These include a garage door replacement, siding replacement and kitchen renovations. Here are some other home improvement projects with high resale value according to the 2023 Cost vs. Value Report.
- HVAC Conversion: 103.5%
- Garage Door Replacement: 102.7%
- Manufactured Stone Veneer: 102.3%
- Entry Door Replacement: 100.9%
- Vinyl Siding Replacement: 94.7%
- Fiber-Cement Siding Replacement: 88.5%
- Minor Kitchen Remodel: 85.7%
- Vinyl Window Replacement: 68.5%
- Bath Remodel: 66.7%
- Wood Window Replacement: 61.2%
If your company offers any of these projects, consider looking up the cost vs. value for your city. Including the high resale value of the project could make it easier to close your next sale. Offering financing can also help. Partner with us to break large project costs into low monthly payments for your customers. Enroll in the Foundation Finance dealer network today or contact us for more info:聽1-855-241-0024, [email protected].
