Some projects better than others for home value | Local News

For homeowners interested in increasing their home’s value, some projects have more value than others.

Ryan Reed, a realtor with Century 21 HomeStar, said many home buyers will be most impressed with renovated kitchens and bathrooms.

“That’s what I hear most often from consumers, ‘I don’t like the kitchen, I don’t like the bathroom,” Reed said.

The increase in value from renovating either the kitchen or the bathroom will vary with the price of the house, Reed said.

A report from the National Association of Realtors on the impact of various remodeling projects found the nationwide average cost for remodeling a kitchen to be $80,000, and can raise values by $60,000, while bathroom renovations cost an average of $35,000, and raise values by $25,000.

The remodeling impact report is based on nationwide data, so it will not perfectly line up with value increases in Ashtabula County, Reed said.

Estimates in the report were provided by the National Association of the Remodeling Industry, according to the report.

Replacing flooring can be a two-edged sword, Reed said.

“It’s not uncommon for a buyer to come in, buy a house, and rip out everything that they just put in, new carpet, and pick their own color or laminate or some kind of wood,” he said.

Putting in new flooring that is very mainstream and would be accepted by most people, like laminate, could be a good choice.

On the other end of the spectrum for flooring, Reed said the NAR report found refinishing hardwood floors had the highest percentage of cost recovered from the project. According to the report, refinishing hardwood floors can increase a home’s value by almost 150 percent of the cost of the project.

Reed said refinishing original hardwood is absolutely a good investment, but it appeals to a particular market.

If the electrical wiring in a home is outdated, updating the electrical could be a good idea, he said.

“It’s not going to necessarily add $10,000 or $20,000, but it’s going to make it more appealing to consumers,” Reed said.

Upgrading the insulation in a home can be another project that pays for itself in value, according to the report.

According to the report, outdoor renovations including replacing a home’s roof or installing a new garage door increase a home’s value equal to their expected cost.

Making sure the house is appealing to the eye can also be a low-cost project that will get the attention of potential buyers, Reed said.

According to the report, Americans spent $420 billion renovating their homes in 2020. Ninety percent of contractors surveyed for the report said demand for remodeling services increased during the COVID-19 pandemic. The vast majority of homeowners surveyed for the report, 83 percent, said they would have remodeled their home regardless of the pandemic.

Thirty percent of consumers surveyed for the report said renovations were to upgrade worn-out materials, 20 percent sought to add features and improve liability, and 16 percent wanted a change, according to the report.

Ninjay H Briotyon

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