With fewer homes currently listed on the market, the second half of 2023 can be an opportunity for...
With 47% percent of homeowners residing in their homes between six and 10 years, many will find themselves with a desire to remodel at some point during their home ownership. There are a few common scenarios that come to mind:
- You purchased a new construction or updated home and as time has passed and styles have evolved, you want to freshen up the design.
- You purchased a home that needed updates and not sure where to start or how to prioritize projects
- You want to sell your home and want to maximize your return on investment
The good news is, no matter how you stumbled upon the desire to remodel, the data is the same. Anecdotally, as a real estate professional and active investor myself, I'd probably tell you that (1) new wood flooring / refinishing existing wood floors and (2) a fresh coat of paint are the best investments in your home. But why rely on opinions when we can look at additional supporting facts and data.
Below are two charts from the 2022 Remodeling Impact Report published by the National Association of Realtors (NAR) and the National Association of the Remodeling Industry (NARI). For interior projects, hardwood flooring refinish and new wood flooring installs take the top spots returning 118 - 147% of the cost of the project. When it comes to exterior remodeling, roofing (no surprise in Colorado especially) and garage doors both show a 100% return on cost.
The full report also tracks a joy rating, tracking which types of projects bring homeowners the most joy after completion. If you want to geek out on all of the metrics, I'm happy to share the report or help with any specific data points you'd like more information on!
If you're in the market to buy/sell a home, or you just want to chat about real estate, let’s connect! We're happy to share market resources, vendor referrals or anything else that would be helpful in your journey.
Michelle Fitzgerald
Real Estate Broker, Realtor®
email: michelle@michellesellsdenver.com
Instagram: https://www.instagram.com/michelle_sellsdenver/