The National Association of Realtors released their annual report that analyzes 20 different remodeling, re-designing, and restructuring projects that are commonly taken on by homeowners. The report also covers the likely appeal to buyers, the estimated cost of the project and an estimate on the cost that can be recovered if they sell their home.
This year alone, Americans have already spent over $326 billion dollars on renovating or remodeling their homes. Yet more than 35% would prefer to move rather than begin the process of remodeling their home. However, after remodeling 74% had a greater desire to be in their home and 64% were happier in their home than they were before remodeling.
For buyers, the highest ranked interior projects with the most appeal were kitchen upgrade, complete kitchen renovation, bathroom renovation and new wood flooring. These were also the highest ranked projects for expected value at resale.
“For interior projects, the highest percentage cost recovered was from hardwood flooring refinish, insulation upgrade, new wood flooring, and basement conversion to living area. – Remodeling Impact Report“
Other interior remodeling projects that add the most value to a home include hardwood flooring refinishing, new master suite, HVAC replacement, basement conversion to living area and attic conversion to living area. For exterior remodeling, new roofing, new vinyl windows, new garage door and new vinyl siding top the list for adding the most value to the home for resale.
“For exterior projects, the highest percentage cost recovered was from new roofing, new garage door, new vinyl siding, and new vinyl windows. – Remodeling Impact Report“
If you are thinking about selling your Charleston home or just have questions about the buying or selling process, contact me directly to discuss your options or visit our sister site CharlestonListing.com for free home valuation based on current market conditions in Charleston not a broad national average like Zillow or Trulia.