Do These Interior Renovations Actually Help Sell a House?
Not all interior renovation projects have an equal impact on home value. These are the ones that help a home sell.
12 Interior Renovations That Help a Home Sell, Ranked
It’s common for homeowners to consider interior renovation projects in order to boost their home’s value. In fact, Americans spend $400 billion annually on remodeling projects. But, while upgrades can boost the value and potentially help a home sell faster, not all interior renovations have an equal impact on what the home is worth. The 2019 Remodeling Impact Report from the National Association of the Remodeling Industry (NARI) and the National Association of Realtors ranked the 12 most common interior renovation projects and offered these insights into whether the upgrades help sell a home.
Homeowners thinking of making upgrades to their kitchen could have it pay off when it comes time to sell. The 2019 Remodeling Impact Report shows that 40 percent of Realtors suggested this interior renovation before attempting to sell and a whopping 20 percent said the project helped close a sale.
Complete Kitchen Renovation
Along with a kitchen upgrade, a complete kitchen renovation is another top interior renovation project that can improve the overall value of a home and help it sell. The report shows that 12 percent of Realtors encouraged homeowners to tackle a kitchen renovation and 10 percent said it helped the home sell faster.
Buyers expect the HVAC system to be working and well-maintained so replacing it s a great investment in the short-term and in the long-term. When it comes time to list the home on the market, around 20 percent of Realtors have encouraged an HVAC unit replacement and 7 percent said it resulted in a sale. One expert offers key tips on how HVAC professionals can stay ahead of the curve.
Hardwood Flooring Refinish
According to the report, homeowners will get back dollar for dollar what they put in to refinish hardwood floors. And not only does it improve value, this interior renovation can also help a home sell faster. Twenty-seven percent of Realtors have suggested sellers tackle this project before listing the home and 5 percent said the project helped close a sale.
New Wood Flooring
Adding hardwood floors can be a make or break project as buyers have come to expect this feature. In fact, the 2019 Remodeling Impact Report shows new wood flooring as the top interior renovation project to add the most value to a home at resale. Do they actually help sell a house? Yes, 5 percent of Realtors said it helped close a sale while 16 percent suggest it as a worthwhile project to take on.
A bathroom renovation is a costly project that can add value to a home. But, does this renovation help the home sell faster? Thirty-three percent of Realtors have suggested it, and 4 percent say it helped a home sell. These are the top five reasons people pull the trigger on bathroom renovations (and what it means for pros).
Basement Conversion to Living Area
A finished basement adds extra livable space but the report shows that it doesn’t do much when it comes time to put the home up for sale. Only five percent of Realtors suggest it as a pre-sale project and only 2 percent said it helped a home sell. These are great tips on how to solve many of the problems you’re likely to encounter when working on your next basement project.
Add New Bathroom
Adding another bathroom is considered a good way for homeowners to increase home value, but surprisingly, the study found that this renovation yields few results in the way of selling. Only 5 percent of Realtors encourage homeowners to take on this project and only 1 percent said it helped the home close.
New Master Suite/Owners’ Suite
Updating the master suite can give homeowners a personal oasis they love coming home to and add short-term value to their home. But, in the long run, Realtors say this interior renovation doesn’t help the home sell. Less than one percent have reported that it helped close a sale.
Name a buyer who doesn’t want adequate storage and spacious closets? When it comes to a make or break item in a sale, however, a closet renovation just doesn’t cut it. Only 4 percent of Realtors suggest this as a project to take on before listing and none of them reported a sale as a result.
An insulation upgrade is an interior renovation project that can add significant value because it can improve a home’s energy efficiency. Unfortunately, this is one upgrade that buyers don’t fully appreciate when a home is on the market. Only 4 percent of Realtors suggested it as a project to complete before listing and no sales were reported as an outcome. There are a wide variety of insulation types used in the construction industry. Learn the pros and cons of each type here.
Attic Conversion to Living Area
Converting an attic into living space carries a hefty up-front price tag and aside from adding square footage, this interior renovation project, does not appear to help sell a home. The report reveals that only 2 percent of Realtors encourage homeowners to take on the conversion and none of them reported a home sale from the project.