New Roof Is Greatest Remodeling Value
Aside from the need to upgrade worn out features, two of the biggest reasons owners put money into remodeling are to increase the home’s value and to improve their enjoyment of the home. But according to a new report from the National Association of REALTORS® and the National Association of the Remodeling Industry (NARI), there’s not a lot of overlap between those two goals.
Interior projects the study examined:
New master suite
Complete kitchen renovation
Add new bathroom
Basement conversion to living area
Attic conversion to living area
New wood flooring
Hardwood flooring refinish
The first-ever “Remodeling Impact Report” looks at the resale value and customer satisfaction of 12 interior and eight exterior projects. The projects range from upgrades (a new HVAC system) to full-scale remodels (a new master suite). Members of NARI reviewed specs and provided cost estimates for each project.
Projects with Greatest Cost Recovery
Real Estate Brokers reported that three interior projects and two exterior projects—all estimated to cost under $10,000—provide the greatest cost recovery at resale:
The overall winner? When you look at intersection of buyer appeal, cost, return, and owner joy, a new roof appears to be the smartest remodeling investment. A home, after all, is first and foremost a shelter.
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