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This Is the Most Profitable Home Improvement
The most profitable improvement homeowners can make to boost their resale value isn’t as sexy as a kitchen with marble counters and stainless-steel appliances, as practical as a dedicated home office, or as fun as a backyard pool or hot tub.
Instead, the work that pays off the most is refinishing or replacing the home’s hardwood floors, according to a recent remodeling impact report from the National Association of Realtors®. Homeowners recouped about 147% of their investment for refinished floors and 118% of what they spent on new flooring when they sold their homes.
“It looks beautiful in photos and more people are relying on technology to search for homes these days,” says Jessica Lautz, NAR’s vice president of research. “Wood flooring really feels more hygienic than having a carpet in your home. … And pet lovers and owners want hardwood floors for the ease to clean.”
The remodeling report was based on several surveys conducted by NAR, the National Association of Remodeling Industry, and HouseLogic.com between August and February. The surveys combined received about 6,200 responses. (To estimate costs, NARI members envisioned an average-sized home of 2,495 square feet built after 1981. The materials used were considered midrange.)
As the COVID-19 pandemic set in, Americans spent roughly $420 billion remodeling their homes in 2020, according to the report. While most of those projects would have happened regardless of the pandemic confining people to their homes, many homeowners got more ambitious and did larger projects. Or once they got started on renovations, those home improvement plans grew to encompass other parts of the home.
