Which Projects Net the Biggest ROI?

Which renovations will net you the best return on your investment?

Today we want to discuss the recovery costs for renovations, rehabilitation, and maintenance. Essentially, if you do $35,000 worth of renovations, how much will it increase your home’s value? We’ll be taking our data from The Remodeling Impact Report, an annual study done by the National Association of Realtors. 

According to this report, the best project you can do for return on investment is refinishing your hardwood floors. This renovation can net you 147% of your initial cost! The next best project was replacing your wood floors, so this is a hot item that buyers want. After these items, buyers were looking for upgraded insulation, basements converted into extra living spaces, and closet renovations. 

“Renovated basements became more popular during the pandemic.”

Next, let’s talk about exterior upgrades. Only the first two items—roofing upgrades and garage door replacements—saw returns over 100%. Roof condition is hugely important, and garage doors are a low-cost option to improve your curb appeal. The third and fourth exterior items both related to upgrading your siding, while the final item in the top five was vinyl windows. 

At the end of the day, every situation is unique, so be conscious of your neighborhood and area. If you need help deciding which renovations will net you the best ROI, please call or email us. We’d love to hear from you!