Replacing Roof May Yield the Most in Resale Value

By
Real Estate Agent with Keller Williams Realty Acadiana

home resale valueThe first "Remodeling Impact Report" from the National Association of Realtors and the National Association of the Remodeling Industry (NARI) surveyed agents and remodelers to determine the resale value and owner satisfaction of various remodeling projects.

The report shows which projects had the greatest cost recovery and calculated a "Joy Score" based on owners' happiness with the results of their project.  The project that rated high both in cost recovery and a high Joy Score was a new roof, which has a 105 percent recovery of the average
$7,600 cost and a Joy Score of 9.6 out of 10.

The five projects out of the 20 reviewed that had the greatest cost recovery, including the new roof, are:

  • refinishing hardwood flooring (100 percent cost recovery on $2,500)
  • insulation upgrade (95 percent on $2,100)
  • new wood floor (91 percent on $5,500)
  • new garage door (87 percent on $2,300)

While the projects with the greatest cost recovery were all under $10,000, the renovations that provided the highest Joy Score were more expensive.  The top five interior projects ranked for Joy Scores include:

  • adding a bathroom ($50,000, Joy Score of 10)
  • complete kitchen renovation ($60,000, Joy Score of 9.8)
  • new master suite ($112,500, Joy Score of 9.7)
  • hardwood refinish ($2,500, Joy Score of 9.6)
  • new wood floor ($5,500, Joy Score of 9.5)

Among the exterior renovations, the top five ranked for Joy Score besides the new roof include:

  • new fiber-cement siding ($19,100, Joy Score of 10)
  • new fiberglass front door ($2,500, Joy Score of 9.7)
  • new steel front door ($2,000, Joy Score of 9.7)
  • new garage door ($2,300, joy Score of 9.5)

Originally posted at: Lafayette Real Estate News

Posted by

Thank you

 

Nicole Trumps

Owner & Team Lead

  

ABR, AHWD, BPOR, CDPE, CRS, E-PRO, GRI,

IMSD, MGRI, MRP, PSA, RECS, RENE, SFR, SRES, SRS, GREEN

Keller Williams Realty Acadiana
900 South College Rd, Ste 100
Lafayette, Louisiana70503
Direct: (337) 456-1464

Website: TrumpsElite.com

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