Top 5 Interior Home Renovations with the Highest Return on Investment
Upgrading the Interior of Your Home is a rewarding endeavor, you get a more comfortable living space that is visually pleasing and you also get a home that functions according to the needs of you and your family.
Another often overlooked benefit of renovating your house is the return on investment, which truly is a gift that keeps giving. In that spirit we have compiled a list of the top 5 home improvement projects with the highest potential R.O.I. (Return on Investment).
What Factors to Consider when Calculating R.O.I. on a Home Improvement Project
While researching this article we found many different ROI claims, and most sources didn't even discuss how they came up with the numbers they are claiming, We think it's important to mention that the value of your home is based on many different data points; like location, real estate comps, how old the home is, general condition, size, etc. The cost of home renovations has many different considerations as well; like the cost of materials, or whether it is a DIY project or if it was done professionally.
Since ROI claims are subjective, It is import to talk with a local Real Estate Professional and a General Contractor to get a complete understanding of the market; this will help you make an educated estimate on how much a renovation will affect your home's actual value.
For the purpose of this article we have found ROI Claims from multiple sources and then averaged their numbers. It might not be the most scientific approach, but we feel it will give you a more realist number to base your decisions on.
Interior Painting 100% ROI
Painting the interior of your home is one of the quickest ways to improve your home, it's generally inexpensive and can be done in a short amount of time. If your goal is to increase the value of your home use neutral colors and pay attention to what is popular to potential home buyers.
It is a good idea to hire a professional painting contractor. They will be able to suggest color palates, make sure your walls are prepped properly and that you are completely satisfied with the end result.
Hardwood Flooring 103% ROI
Installing Hardwood Flooring is another great way to improve the function and aesthetic of any room in your house. When you consult with a flooring professional they will be able to tell you the type of flooring that makes the most sense for your home.
The options available for hardwood flooring are almost limitless; you can choose engineered or solid planks, the species of wood, the texture and finish. With proper care a quality hardwood floor they can last forever too.
According to homelight.com, refinishing an existing hardwood floor recoups 100% of the cost, and installing new hardwood floors has a 106% return when you sell your home.