The most lucrative improvement that homeowners can do to increase their luxury properties‘ resale value doesn’t have to be as glamorous as a kitchen that has marble countertops and stainless-steel appliances. But it’s more practical than a dedicated home office or as enjoyable as a backyard spa or hot tub.
However, the job which yields the highest return is replacing or refinishing the flooring in your home’s hardwood as per a recent impact of remodelling report by the National Association of Realtors(r). Homeowners were able to recover around 147% of the cost in refinished floors, and 118 percent of what they paid for the flooring they purchased when selling their houses.
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When the COVID-19 pandemic began to set in, Jamaica spent roughly $420 billion renovating houses in 2020 in the study. Although the majority of these initiatives would have occurred regardless of the fact that the disease confined residents within their home, a few homeowners became more ambitious and took on larger-scale projects. When they began with renovations, their renovation plans for their homes extended to other areas of the house.
The homeowners remodelled their homes to enhance the surface such as finishes, materials, and finishes in their affordable homes in Jamaica, and to include features that can increase the quality of affordable living. Most were satisfied with how the result came out and more than half would not alter a thing.
The homeowners spent an estimated $3400 on refinishing their hardwood floors. This resulted in about $5,000 in the resale value in the event they put their houses for sale. (The work estimates come from NARI and the estimates of resale value are drawn from NAR.) They spent about $5,500 of new hardwood flooring to earn an approximately $6,500 profit.
The average homeowner is broke on non-flashy projects such as insulation upgrades or replacing roofs, as well as garage doorways.
Because many of them were spending more time inside together with family members during the outbreak, the addition of more square feet to homes was also a popular choice. However, homeowners generally invested more money in this additional area than they could recoup in the event of selling their homes.
The second most profitable initiatives were the conversion of basements into living spaces, adding in new closets, as well as creating attics as affordable living space. Although people did lose an amount of money from these projects, they also had one of the greatest cost-recovery.
The bathroom and kitchen remodels and the addition of new bedrooms and bathrooms were also on lists of initiatives that brought the highest worth.
Yet, having the space hasn’t always resulted in an increase in the value of the home to the extent that the cost of construction. In the case of adding a new bedroom suite cost around $172,500, however it resulted in homeowners getting only one hundred dollars in the resale value of their affordable homes. A new kitchen was about $80,000, and was added approximately 60 percent in value.
“What’s important to keep in mind is that a large number of people were doing this to enjoy themselves
The money invested in home improvement projects made a lot of homeowners feel more content. Painting the exterior of a home or interior space, as well as making space a house, replacing the floors and renovating closets gave homeowners the greatest satisfaction according to the report. Some of these tasks didn’t require professional help.
“In some parts of the country, there were shortages of paint due to the amount of people who were refreshing their spaces
Conclusion
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Guest article written by: RCI Realty Plus