2022 Top Home Improvement Projects for Return on Investment

The National Association of REALTORS® (NAR) recently released a study they completed with the National Association of the Remodeling Industry (NARI) on the top home improvement projects for return on investment. NARI estimated the typical cost of each project and NAR contributed costs that Realtors have seen recovered when the home is sold. They studied 19 of the most popular projects, and these are top ones:

Interior Projects

1. Hardwood Flooring Refinishing

Investment: $3,400

Recovered: $5,000

Return on Investment: 147%

2. New Wood Flooring

Investment: $5,500

Recovered: $6,500

Return on Investment: 118%

Dog on Wood Floor - Photo by Karolina Grabowska from Pexels

Dog on Wood Floor – Photo by Karolina Grabowska from Pexels

3. Insulation Upgrade

Investment: $2,500

Recovered: $2,500

Return on Investment: 100%

4. Basement Conversion

Investment: $57,500

Recovered: $49,250

Return on Investment: 86%

5. Closet Renovation

Investment: $6,000

Recovered: $5,000

Return on Investment: 83%

6. Attic Conversion

Investment: $100,000

Recovered: $75,000

Return on Investment: 75%

7. Complete Kitchen Renovation

Investment: $80,000

Recovered: $60,000

Return on Investment: 75%

Kitchen - pexels-mark-mccammon-1080721

Kitchen – pexels-mark-mccammon-1080721

8. Bathroom Renovation

Investment: $35,000

Recovered: $25,000

Return on Investment: 71%

9. Kitchen Upgrade

Investment: $45,000

Recovered: $30,000

Return on Investment: 67%

10. Add New Bathroom

Investment: $80,000

Recovered: $50,000

Return on Investment: 63%

Bathroom - Photo by Christa Grover from Pexels

Bathroom – Photo by Christa Grover from Pexels

Exterior

1. New Roofing

Investment: $12,000

Recovered: $12,000

Return on Investment: 100%

2. New Garage Door

Investment: $2,000

Recovered: $2,000

Return on Investment: 100%

 Garage Doors - Photo by Luis Yanez from Pexels


Garage Doors – Photo by Luis Yanez from Pexels

3. New Siding (Vinyl and Fiber Cement)

Investment: $18,300 – $18,600

Recovered: $15,000 – $16,000

Return on Investment: 82% – 86%

4. New Window (Vinyl and Wood)

Investment: $30,000 – $48,000

Recovered: $20,000 – $30,000

Return on Investment: 63% – 67%

5. New Front Door (Steel and Fiberglass)

Investment: $3,150 – $3,500

Recovered: $2,000 – $2,100

Return on Investment: 60% – 63%

Front Door - Photo by Dmitry Zvolskiy from Pexels

Front Door – Photo by Dmitry Zvolskiy from Pexels

Each project was also given a Joy Score from 1 to 10. This number isn’t based on a monetary value but how happy consumers felt after the project was completed. Some of these Joy Scores aligned with the rankings for return on investment, while other projects that didn’t even rank in the top 10 popped up at the top. These were mostly to improve the livability or functionality of the home, like adding a home office. If you are interested in seeing the Joy Score results, you can view the report here.

It’s also important to note that the return on investment for any home improvement project can increase or decrease, depending on the condition of the property and its location. If you would like insight into what we are seeing in our local market, we would be happy to chat about your current project and how other homes that have currently sold compare. Just give us a call or send us a message and let us know what you’re up to.

2022 Top Home Improvement Projects for Return on Investment

About the Author
Meghan is the Marketing Specialist for The Cameron Team and a published author of two young adult books. She also creates digital and printable planners and trackers, as well as coloring pages for Larkspur & Tea.