Not all home renovations are created equally.
Most homeowners and real estate professionals subscribe to the adage that kitchen and master bathroom remodels get the biggest return on investment, and it’s true that these rooms make a significant impression on potential home buyers.
However, recent data from the National Association of Realtors (NAR) and the National Association of the Remodeling Industry (NARI) suggests four other renovations that deliver the highest ROI.
According to the study, homeowners will more than get their money back when replacing a roof (107% ROI) or installing new wood flooring (106%).
Additionally, adding a new HVAC unit recoups 85% of its value at resale and changing siding gets 63% ROI on average.
Keep in mind that every house is different and may or may not need different renovations, repairs, and improvements to increase its value relative to other homes in the housing market.
Before deciding which improvements to make to your home, tour local open houses and new builds in your area to see how your home compares to the competition, and consult with real estate and remodeling professionals who do this for a living.
And if you’re planning on staying in your home for a while, make the renovations that are going to make your time in your home the most enjoyable for you and your family.
If you’re thinking about moving in 2020, schedule an appointment with Jimmy Grappone, Realtor at Costello Real Estate & Investments today.