The chilly winter months are a great time to finally complete those interior home projects you’ve been considering! Residential contractors are a bit slower this time of year, so you can likely get a better deal, and your home will look great in time for spring.
The National Association of Realtors recently released a report evaluating the resale value of these home projects. It’s important to note that unfortunately, you’re not likely to recoup the entire cost of most renovations when you sell your home. That said, many projects will help your home sell more quickly, as the majority of buyers are interested exclusively in move-in ready homes.
A few of the best interior projects in terms of resale value include hardwood flooring refinishes, which typically recovers about 100% of the project value in resale, insulation upgrades with about 95% recovered, and brand new wood flooring, with about 91% recovered. Another good idea this time of year? Paint! Consider sprucing up the most popular rooms in your home with a fresh, neutral color.
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We particularly love anything to do with hardwood flooring, which is especially popular with buyers here in the Northeast. Some experienced DIYers may be able to refinish floors themselves with a trip to Home Depot and renting some equipment, although we typically recommend calling the pros for this one. (Psst..Be sure to look online for deals and coupons!) On average, refinishing your hardwood floors costs about $2,500 according to the National Association of the Remodeling Industry, although that varies considerably based on the size of your home and level of distress to your existing floors.
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Some of the most overall appealing projects to prospective buyers include kitchen renovations and upgrades, and bathroom renovations and upgrades. However, we’re quick to point out that you’re not likely to recoup more than 75% of the amount spent on this. Instead, consider offering an allowance to a prospective buyer to do some of this work themselves.