RE/MAX Achievers loves to educate our customers. What is your return on your investment when you remodel your property? Would you like to learn more? Contact us today & we can further explain how your return on investment is calculated. What to expect to recapture when you sell your property after renovations are completed.
According to the article published by the National Association of Realtors whether you choose to DIY or hire a professional, home repairs or updates can be costly.
However, there are a few projects that actually recoup their initial cost, as well as some that bring homeowners a sense of joy, which there is no price tag on. According to NAR’s 2022 Remodeling Impact Report, for those looking to have a high return on investment on interior projects, hardwood flooring refinish recoups 147% of its’ initial cost. It is estimated this cost about $3,400, but recovers around $5,000.
New wood flooring is another good investment, typically earning 118% on its original cost, generally costing about $5,500, but recovering $6,500. For those upgrading their insulation, they will generally break even, costing and recovering about $2,5000.
There were multiple projects that homeowners reported making them feel a 10/10 on the joy scale, including painting the entire interior of their home, painting one interior room, adding a new home office, new wood flooring, a closet renovation and an insulation upgrade.
For outside projects, both roofing and a new garage door will help homeowners break even, as it is estimated they recoup 100% of their costs. A new roof will cost approximately $12,000, according to estimates, while a new garage door will be about $2,000. While no outside project scored a 10/10 on the joy scale, painting the exterior siding scored 9.8, while vinyl and wood windows scored 9.6.
The top reason for home projects was due to upgrading worn-out features (30%), followed by adding features and improving livability (20%) and because it was time for a change (16%). Of those who remodeled, 57% said they were content with the results and would do it the same way again. Post-remodeling, 84% want to be in their home more, 69% enjoy their home more, 57% feel happy and 39% feel satisfied when they see their finished project.
RE/MAX Achievers sold over $150 MILLION Dollars in real estate in 2021, sold nearly $145 MILLION Dollars in real estate in 2020 and over $150 MILLION Dollars in real estate in 2019 and 2018! Â RE/MAX Achievers offers real estate services in 5 counties: Montgomery, Chester, Berks, Bucks and Philadelphia counties. Call our agents or find us on Facebook & Instagram at RE/MAX Achievers real estate, two offices located in Collegeville 610-489-5900 or Pottstown 610-326-1200. Call us and see why our realtors are award winning sales agents!!
