Introduction – Our guide to boosting your resale value
The home is the biggest purchase most of us will ever make. It’s also where we live, play, and (for some of us) work. So it makes sense that many homeowners want to upgrade their homes for comfort, convenience, or enjoyment. Take stock of what might be holding back your property from achieving its full potential in terms of boosting resale value—because if you fix up these areas first, you’ll see a dramatic return on your investment. During the pandemic, homeowners spent $420 billion dollars on home renovation projects and 60% of NARI
members cited that the scale of the projects increased either in a larger project or remodeling more than one room due to the pandemic.
1. Refinish hardwood floors
If you’re looking for a home renovation project that will boost the resale value of your home, look no further than hardwood floors. Refinishing your old hardwood floors is a simple and cost-effective way to give each room in your house an instant facelift.
According to the National Association of REALTORS® 2022 Remodeling Impact Report, replacing old hardwood floors can return 147% on investment (ROI)! With such incredible returns on investment, it’s no wonder homeowners are choosing this project as one of their top priorities when they plan renovations for their homes.
2. New wood flooring
New wood flooring is a smart investment in your home’s resale value. It’s durable and can last decades, not to mention easy to clean and maintain. This can be seen as a positive for potential buyers who are looking at the property as an investment, or for those who wish to live in it for years after purchasing it.
On average, new wood floors increase the value of a home by 118%. Sometimes this figure goes even higher: one study found that homes with hardwood floors were worth an additional $9 per square foot on average (compared with carpeted homes), which translates into over $12k if you’re selling your house today!
3. Upgrade insulation
As a homeowner, you’re likely already aware that upgrading your home’s insulation is one of the most cost-effective ways to lower energy costs. It’s also one of the easiest ways to create an airtight building envelope and reduce heat loss through windows and walls.
In general, it takes a lot of energy to heat or cool your house—about 20 percent of your utility bill goes toward heating alone. If you have an older home with leaky windows and doors, chances are good that much more than 20 percent is escaping through holes in the walls. In fact, if you’re losing 25 percent or more of your heat through poor insulation levels in the attic or basement (or both), it could be costing you thousands per year!
Boost your home’s resale value by making minor upgrades today!
Home improvement projects like roof replacement, upgrading insulation, or refinishing your flooring, will ensure that when you’re ready to sell, you’re getting a good return on your investment. Click on your state to get started.