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couple working on a home renovation

The Home Renovations That Will Bring You Joy – & ROI

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Whether you’re doing a home renovation for your own pleasure, to update your space or to fix something that’s broken, home projects are always in demand. We’re breaking down the projects that bring the most joy to homeowners, and the ones that will make you the most money when you’re ready to sell.

Home Projects That Bring the Most Joy

Certain projects make you want to stay at home more, increase the enjoyment of your home or simply make a homeowner happy. According to the National Association of REALTORS® (NAR) and the National Association of the Remodeling Industry(NARI), 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 NAR and NARI say you 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.
Row of Victorian style brick houses

4 Steps to Begin a Home Renovation Project

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Whether you just bought a home and are looking to update the space to fit your needs, or you’ve lived in your home for years and notice wear and tear or your preferences have changed, you might be ready to change things up. Do you know where to start? Here are the steps to follow to begin the renovation process: 

Prioritize Your Wants & Needs 

During your project, you may not be able to have everything done you want. Does the space need a full renovation, or can you just update parts of your home? Deciding the extent of the project and what needs to get done versus what you would like to have done is great to determine a budget and cost later in the process. 

Get Inspired 

Envision what you want your new space to look like, and do research to get ideas of how to get there. Look into designs and make a list of what you’ll need to purchase to get the job done. This will also help you begin to get an idea of a budget, as you determine the cost of the materials you’ll need. Check out Pinterest or Houzz to get inspired.

Research Your Budget 

Next, do your research on budgets to get an idea of the extent of your project. Is a full renovation possible, or would a partial project be more ideal? Having a general idea of what materials and furnishings will cost will also help you figure out how much you can spend when hiring someone for the job. 

Decide How to Accomplish Your Project 

Is this a smaller project, like painting or refinishing something, that you think you can do on your own? Or will a professional need to be hired? Determine which direction you want to go. 

Hiring a professional will determine if the jobs gets done correctly and up to your standards. Start getting quotes from professionals. It’s best to get more than one, to determine the best person for the job at the right price.

townhouse

5 Home Renovations That Add Home Value

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Not all home projects are created equal, and some add more value to your home than others. Here are the top value adding home renovations to pay for upfront, for more payoff down the line. 

Kitchen Renovations

According to the National Association of REALTORS® (NAR) Remodeling Impact Survey, not only are kitchen remodels the most appealing projects to buyers, but they are also the most likely to add value to the home for resale.

In fact, this report states there is a 59% ROI on this project.

Basement Updates

Are you looking to gain more functionality for your home and family? Renovating your basement into a living area may be the best option for you. This project will improve your joy while you live in the home, and will have pay off when you sell it.

This may be a more costly renovation according to NAR’s Remodeling Impact Survey. The report states there is a 64% ROI on this project.

Wood Flooring 

The flooring may be one surface that gets worn out the fastest from foot traffic, dirt, scratching and more. It may also be one of the best features to upgrade in your home, as it tends to pay for itself! 

According to NAR’s Remodeling Impact Survey, 106% of the value of this project is recovered when the home is sold. Even if you’re not looking to fully replace your flooring, the report states this project will provide a 100% ROI to your bottom line. It’s a win-win! 

Bathroom 

If you have a two to three-bedroom home and only two bathrooms, adding an additional half bathroom is great to consider. Going from two bedrooms to two and a half bathrooms will add 10.5% in value to your home. 

While you’re living in your home, adding an extra bathroom may add peace of mind that surpasses the money you’ll spend on the bathroom itself by avoiding arguments and stress caused by sharing bathroom time. 

New Roofing 

Putting a new roof on your home is a money saver in multiple ways. Not only is the ROI high on this project, up to 109%, but you will also save on your energy bill too. A new roof will reduce cooling costs, add curb appeal, protect again home damage like water and much more!