Home Renovation Projects That Pay Off

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With home prices soaring, a growing number of homeowners are choosing to upgrade their homes but experts say not all 1renovations have the same 2pay-off.

¡°When the market is getting hotter, when people¡¯s homes are becoming worth more money, they see investing more money into the home as a solid choice.¡±

If you want the best 3return on investment on your next home remodel project, ditch the idea of a spa-like bathroom or magazine-worthy kitchen. A recent report from the National Association of Realtors and the National Association of the Remodeling Industry says interior projects that recoup the most money are refinishing existing hardwood floors or installing new ones. The estimated cost of new hardwoods is around $5,000 but with a $6,500 return on investment... 118% of your cost is recovered.

¡°Change flooring from carpet into hardwood or LVP, you are much less likely to run yourself into big problems that can 4drain your budget.¡±

Another project with high ROI: an 5insulation upgrade.... with 100% of the cost expected to be recovered. 6For comparison, the cost of adding a new primary bedroom suite is estimated at $182,000... with only about $100,000 of that cost recovered.

¡°One big mistake that 7inexperienced homeowners or investors make when they¡¯re doing a renovation is they 8go to grandiose. It is very common when you start moving walls to find electrical issues that need to be brought up to code, plumbing leaks that you didn¡¯t know existed.¡±

When it comes to the outside of your house, replacing the roof and the garage doors have the best return on investment... with both 9recouping all their costs.