5 Home Improvement Projects That Pay Off
Nichols Realty Express, a local team of real estate specialists, debunks the myth that large-scale refurbishing is necessary for substantial returns, citing a report from the National Association of REALTORS® which suggests homeowners can achieve significant payback and satisfaction from minor, less costly enhancements such as refurbishing hardwood flooring, upgrading insulation, closet renovations, upgrading laundry areas, and interior room painting.
Welcome to Nichols Realty Express, your locally owned and brokered team of real estate specialists, living in the areas we serve and honored to serve your family. As true experts in lakefront, residential, and land sales, we are deeply in-tune with the idyllic properties dotting the scenic Ozarks area's lakes, rivers, and creeks.
Today, we'd like to debunk a common myth that has been echoed in the realm of real estate — that in order to yield a substantial return on investment or satisfaction, homeowners should consistently undertake large-scale refurbishing initiatives. However, the most recent 'Remodeling Impact Report' by the National Association of REALTORS® narrates quite a different story.
According to the report, homeowners can realize significant payback and pleasure from minor, less costly home enhancement projects. This message bears relevance particularly to younger generations such as millennials or Gen Xers who often have to make compromises when purchasing their homes and tend to have a penchant for DIY. The report also points out the highest-performing, less expensive refurbishing projects that homeowners can consider:
1. **Refurbishing Hardwood Flooring**: This home improvement drew the most attention in the report, ruling in interior makeover projects with high returns. Not only does the task of refinishing hardwood floors present durability and longevity benefits, but homeowners also admired the ease of maintenance and pet-friendly aspects. The return is quite impressive with a 147% increase in value on a modest investment of around $3,400.
2. **Insulation Upgrade**: Energy efficiency is top of the wish list for many homebuyers, and improving insulation can greatly reduce utility costs. This home improvement not only appeals to the increasing green-conscious buyers but also offers a fair return on average cost investment with a high joy score.
3. **Closet Renovation**: Maximizing storage solutions and enhancing liveability are key reasons for upgrading closets. Although this renovation may cost a bit more than others, the significant cost recovery and high satisfaction score make it worth considering.
4. **Upgrading Laundry Area**: Optimizing functionality and customizing the laundry area results in a high joy score. Though the investment varies depending on the size and location of the space and the features needed, the room for customization and functionality makes it a worthwhile project.
5. **Interior Room Painting**: Painting an interior room is a quick, cost-effective way to freshen up a space. This project caters perfectly to the DIY ethos, and besides enhancing aesthetics, it also harbors an ideal joy score of 10.
While we can't deny the allure of a full-blown kitchen or bathroom makeover, it's worth re-evaluating the perks of smaller-scale projects. As the NAR report shows, smaller upgrades can deliver substantial returns, great satisfaction, and breathing a new lease of life into your home.
When it's time to trade in those beautiful Ozarks views, trust the Nichols Realty Express team to help guide you towards the best home improvement solutions that leverage the value and desirability of your property for future sales. Remember, we don't just serve the local market; we call it home too. Happy renovating!