The National Association of REALTORS® (NAR) and the National Association of the Remodeling Industry (NARI) recently released their Remodeling Impact report, which analyzes the projects that bring the most joy to homeowners, as well as the ones that have the most cost recovery when selling a home.
Home Projects That Bring the Most Joy
Each renovation project was rated on if it made the homeowner want to remain home, or whether they sparked an increase of enjoyment, which determined its Joy Score, with 10 being a perfect score. These are the projects that bring the most joy for homeowners:
- Painting your home’s interior, either just a room or the entire home
- Adding a home office
- Refinishing hardwood floors
- Closet renovations
- Insulation upgrades
Renovations With the Highest Cost Recovery
When it comes to choosing a project for your home, there are some renovations that will have a bigger pay off in the long run compared to others. Here are the home renovations that the report says will recover the cost of the project when selling your home.
- Refinishing Hardwood Floors
On average, this project costs about $3,400, and $5,000 is the estimated cost recovery, making it a 147% cost recovery.
- New Wood Flooring
Typically, new wood floors cost $5,500, and $6,500 can be recovered, a 118% cost recovery.
- Insulation Upgrade
On average, this project costs about $2,500, and $2,500 is the estimated cost recovery, making it a 100% cost recovery.
- New Roofing
Typically, new roofing cost $12,000, and $12,000 can be recovered, a 100% cost recovery.
- New Garage Door
Typically, a new garage door cost $2,000, and $2,000 can be recovered, a 100% cost recovery.