Wondering what renovation projects will bring you the highest resale value? According to a nationwide study by the National Association of Realtors, a new roof wins out.
Here are the projects with the greatest cost recovery at resale:
-New Roof, average cost of $7,600, yielded a 105% resale return
-Hardwood floor refinishing, average cost of $2,500, yielded a 100% resale return
-Insulation upgrade, average cost of $2,100, yielded a 95% resale return
-Hardwood floor installation, average cost of $5,500, yielded a 91% resale return
-New garage door, average cost of $2,300, yielded an 87% resale return
Wondering what home improvement projects make the owners happiest, regardless of their return?
Adding a bathroom is the number one source of joy for homeowners. I know this is probably especially true in our section of the Heights where we still see a good number of original, 2 bedroom, 1 bathroom bungalows. A homeowner’s quality of life can be greatly improved by adding a bathroom, and increase rental capacity and return for investment properties. Adding a bath can be done easily in most areas of the Heights, but if you live in a historic district, you’ll need to get your plans approved prior to any renovation that changes the look of the home from the street.
A complete kitchen renovation, a master suite addition, hardwood floor refinishing and installing new hardwood floors round out the list of the items that bring joy to homeowners.
Tip: You can almost ALWAYS save your original hardwood floors! It drives me batty to watch some of the home improvement shows when they rip out existing hardwood. I know a really good contractor who does great hardwood floor installation and refinishing and lives in Sunset Heights.
Before you start any home renovation project, you might want to get the advise of Realtor. Real Estate is a hyper local business and the impact of a renovation project to your home’s value can change from property to property. If you’d like to schedule an appointment with one of our great Houston Realtors, fill out the form below. There is no cost and no obligation. We’re happy to discuss these questions with you in person or over the phone. We’re just happy to meet people in the area.