But even if you’re renovating a home to live in it, it’s still important to know what you can expect to recoup from those upgrades and improvements and what will eventually pay off when it comes time to sell. Homeowners that over-renovate a home may not get the cost of the improvement back.
For example, it’s not the spa-like bathroom or the magazine-worthy custom kitchen that provide the best return on investment, according to a new report on the impact of home remodeling from the National Association of Realtors and the National Association of the Remodeling Industry.
Instead, the interior projects that recoup the most are refinishing hardwood floors and installing new hardwood flooring.
The report estimates the cost of refinishing floors at $3,400 with an estimated return on investment of $5,000, for a 147% recovery of costs. The estimated cost of installing hardwood floors is higher at $5,000, but … Read More