Home Projects With the Best ROI

Home Projects with the best ROI

If you’re thinking of selling your house in the near future, you are probably wondering if you should do any updates to your home. The answer is YES, but be careful to do home projects with the best ROI (Return On Investment). When it comes to updates, it isn’t wise to invest a lot of time and money into a project unless it helps you achieve your goals. That’s why it’s so important to make sure you select home projects that have the best ROI. Today we are going to tell you what the National Association of REALTORS’ studies have found to be the home projects with the best ROI. Many of them are easier than you might think.

Keep in mind that home maintenance does not follow these rules. Replacing a furnace that is at the end of its life can cost you 8-10 grand, but it isn’t necessarily money that you will get back. Home maintenance is an important factor in getting your house sold, but it often does not make your home more valuable.

When conducting their Remodeling Impact Report, NAR took into consideration both the ROI and the joy factor that it brought to potential buyers. Below are the projects that ranked the highest.

Refinish Hardwood Floors

ROI: 147%

Joy Score: 10

This is the winner of the home projects with the best ROI and is something that is very affordable and fairly easy to do!

 

Install New Hardwood Floors

ROI: 113%

Joy Score: 10

Laminate floors are great, but there is no substitute for the real thing.

 

Updating Insulation

ROI: 100%

Joy Score: 10

This is not a sexy update by any means, but energy efficiency is very important to home buyers.

 

New Roof

ROI:100%

Joy Score: 9.2

Leaky roofs are a big concern for home buyers. Getting this taken care of for them will give them great releif.

 

New Garage Door

ROI: 100%

Joy Score: 9

A fancy new garage door can make a huge difference in your home’s curb appeal.

 

Additional Thoughts

There was something that didn’t make it onto NAR’s list of home projects with the best ROI because they didn’t evaluate the ROI. I can only assume it is because the pricing is so varied depending on whether you do it yourself or pay to have someone else do it. Although the same could be said of all the items that were included on their list so I really can’t say for sure. However, here is my addition to the list.

Paint

ROI: Way more than 100% if you do it yourself and pick a desirable and neutral color

Joy Score: 10

 

Some home projects with the worst ROI include additions as well as kitchen and bath remodels. These projects do make your home more desirable and valuable but tend to cost a lot of money.

 

Thanks for reading!

MI Home Team REALTORS

Chrissy Myers

Cheryl Clossick

Kelly Marion

Ginny Krauss

 

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