The 6 Most Popular Home Renovations
Complete Kitchen Renovation
Cost Estimate: $60,000
- Kitchens and bathroom upgrades are almost always a good investment when it comes to home enjoyment and resale value, but a major kitchen renovation is a project for a homeownernot a home seller. 17% of REALTORS® have suggested the project to sellers and 12% said the project has helped them close a deal.
Cost Estimate: $30,000
- With a 67% cost recovery, you usually can’t go wrong with a kitchen upgrade. Even minor kitchen upgrades like freshly painted cabinets, new countertops, and a sink replacement can go far when it comes to selling your home. 57% of REALTORS® have suggested sellers complete a kitchen upgrade and 25% said the project helped them close a deal.
Cost Estimate: $26,000
- Bathrooms are the second-best place to update if you plan on selling your home. 45% of REALTORS® have suggested sellers complete this project prior to selling
New Wood Flooring
Cost Estimate: $5,500
- Hardwood is one of the most highly-sought flooring types for homebuyers. Not only is it versatile, hypoallergenic and durable, it has great resale value. This renovation project boasts a cost recovery of 91% and nearly one-fifth of REALTORS® have suggested sellers add it to their home prior to listing.
Adding a New Bathroom
Cost Estimate: $36,000
- If adding a new bathroom is on your wish list, don’t do it with the hopes of recouping your investment. The average bathroom addition typically only recoups 52% of the cost.
Cost Estimate: $7,000
- If your HVAC is on its last leg and you’re hoping to sell soon, 19% of REALTORS have suggested sellers replace their system. While only 6% of REALTORS® said it helped them close a sale, the increased home energy efficiency and 71% cost recoup, it’s a good investment whether you plan to stay put or move.
Download the PDF here: