You love the size and location of your home, but some work needs to be completed for you to remain happy while living there.
If you are going to spend money on renovations, it’s important to factor in how much value the projects will add to your home.
Whether you plan to sell in the near future, a few years down the road, or haven’t thought of selling at all, continue reading to learn what interior projects are most likely to add value to the home for resale.
INTERIOR RENOVATION PROJECTS
|
REALTOR rank of projects’ appeal to buyers (highest to lowest) |
REALTOR rank of projects’ likely value to the home for resale (highest to lowest) |
|
Complete Kitchen Renovation |
Complete Kitchen Renovation |
|
Kitchen Upgrade |
Kitchen Upgrade |
|
HVAC Replacement |
HVAC Replacement |
|
New Wood Flooring |
New Master Suite / Owners’ Suite |
|
Bathroom Renovation |
Bathroom Renovation |
|
Hardwood Flooring Refinish |
Basement Conversion to Living Area |
|
New Master Suite / Owners’ Suite |
Add New Bathroom |
|
Add New Bathroom |
New Wood Flooring |
|
Basement Conversion to Living Area |
Hardwood Flooring Refinish |
|
Attic Conversion to Living Area |
Attic Conversion to Living Area |
|
Insulation Upgrade |
Insulation Upgrade |
|
Closet Renovation |
Closet Renovation |
* From the 2019 Remodeling Impact Report
Kitchens and Bathrooms
Kitchens top the list of remodeling projects, according to the 2019 Remodeling Impact Report by the National Association of Realtors. “Complete Kitchen Renovation” is the top remodeling project to complete if you want to appeal to buyers and add value to the resale, according to Realtors surveyed.
We know that while a complete renovation in the kitchen is what homeowners dream about, it is also a costly project. With a kitchen upgrade ranking number two on both lists, you can choose to stay within budget by keeping some aspects of the kitchen and upgrading others.
“Bathroom Renovation” and “Add a New Bathroom” are also remodeling projects that add value. If you have just one bathroom, consider where you can add another. For an outdated bathroom, determine what upgrades are needed to make it feel more luxurious or relaxing.
Comfort and Sustainability
Aesthetics aren’t everything. Buyers are also interested in comfort and sustainability, which has a lot to do with the mechanics of the home. An HVAC Replacement or Insulation Upgrade can make a significant difference for buyers. These changes can help to make your home more comfortable and energy efficient, which adds value to the property.
Which home renovation project would you like to tackle in 2020?