Home Improvement Projects That Can Help Sell Your Home Home & Garden
Home renovations can increase or decrease a home’s value, and to get an idea of ââwhat renovations will do to your home’s value, it’s essential to understand the local housing market. Going too far in renovations by improving beyond what’s appropriate for the homes and the surrounding area can cost you money.
Renovations and upgrades can increase a home’s return on investment (ROI). Some of the upgrades that generate the greatest returns on investment and cost recovery include projects that increase efficiency and lower bills, such as window replacements; those that offer more living space for relaxation, such as patio additions; and those that increase one of the home seller’s best tools, exterior curb appeal, such as front door replacement.
With house prices rising in many parts of the country during the pandemic, many homeowners have put their homes up for sale. They also hire professionals to do home renovations that will help increase the value of their home and sell their home.
To help homeowners get a feel for which home improvement projects will be the most valuable, Extra Space Storage analyzed data from the 2021 Remodeling Cost vs. Zonda Media Value to determine the 10 home improvement projects with the highest percentage of their labor costs recovered, or the best ROI.
To determine the 2021 results, the report used data from 2017-2019 on common projects completed by approximately 200,000 home improvement professionals that can be accurately priced, which is why products with styles or specific finishes, or projects whose price is determined by specific region. or climate, are not included. The analysis applies a statistical model to older data, based on recent estimates of construction costs and economic indicators, such as income, employment, and market housing, to create the best estimate for 2021 of the cost of construction. ‘a renovation project and its resale value.