Some remodeling projects are done by homeowners that plan to stay in their homes for the foreseeable future and want to get the most enjoyment and functionality out of living there. These homeowners typically aren’t as concerned, if at all, with getting a monetary return on their investment as their return is the enjoyment of the improvements. However, other homeowners, particularly those that may only be in their homes a couple of years or so before their next move, tend to focus more on making sure the remodeling they do will bring them a return on their investment to make it worthwhile. Granted, the return may be less than the cost but, after factoring in the enjoyment from the improvement the improvement may be worth it.
What are the remodeling projects that bring the best returns?
According to the National Association of REALTORS® 2022 Remodeling Impact Report, below is the cost recovery of the top interior and exterior remodeling projects:
- Interior
- Hardwood flooring refinish- Return on cost – 147%
- New wood flooring – Return on cost – 118%
- Insulation upgrade – Return on cost – 100%
- Exterior
- Roofing – Return on cost – 100%
- Garage door- Return on cost – 100%
See the complete report (you can download a copy as well) by clicking the photo or HERE.
