Whether you choose to DIY or hire a professional, home repairs or updates can be costly.
However, there are a few projects that actually recoup their initial cost, as well as some that bring homeowners a sense of joy, which there is no price tag on. According to NAR’s 2022 Remodeling Impact Report, for those looking to have a high return on investment on interior projects, hardwood flooring refinish recoups 147% of its’ initial cost. It is estimated this cost about $3,400, but recovers around $5,000.
New wood flooring is another good investment, typically earning 118% on its original cost, generally costing about $5,500, but recovering $6,500. For those upgrading their insulation, they will generally break even, costing and recovering about $2,5000.
There were multiple projects that homeowners reported making them feel a 10/10 on the joy scale, including painting the entire interior of their home, painting one interior room, adding a new home office, new wood flooring, a closet renovation and an insulation upgrade.
For outside projects, both roofing and a new garage door will help homeowners break even, as it is estimated they recoup 100% of their costs. A new roof will cost approximately $12,000, according to estimates, while a new garage door will be about $2,000. While no outside project scored a 10/10 on the joy scale, painting the exterior siding scored 9.8, while vinyl and wood windows scored 9.6.
The top reason for home projects was due to upgrading worn-out features (30%), followed by adding features and improving livability (20%) and because it was time for a change (16%). Of those who remodeled, 57% said they were content with the results and would do it the same way again. Post-remodeling, 84% want to be in their home more, 69% enjoy their home more, 57% feel happy and 39% feel satisfied when they see their finished project.