There are a ton of good reasons to make home improvements, even in our current economy. You might want to boost your home’s future sales value, add livable space or refresh an aging room.
Or you might simply want to enjoy your home more, especially if you wanted to move but the market didn’t cooperate.
And it’s clear that during the pandemic, many of these improvements were designed to make the place where we spend the most time more desirable.
The National Association of Realtors, along with the National Association of the Remodeling Industry, conducted a survey in 2022 to learn the estimated average cost and return on investment of several home improvement projects. The survey also calculated the joy score, or the homeowner’s satisfaction, with the completed upgrades.
Look at the results of this research to see what might fit your budget and needs.
Turning an attic into a living area
Average cost: $100,000
ROI: $75,000 (75% return)
Joy score: 10/10
Adding a new bedroom suite
Average cost: $172,500
ROI: $100,000 (56% return)
Joy score: 9.5/10
Completing a bathroom renovation
Average cost: $35,000
ROI: $25,000 (71% return)
Joy score: 9.6/10
Installing hardwood floors in a living room
Average cost: $5,500
ROI: $6,500 (118% return)
Joy score: 10/10
Kitchen upgrade
Average cost: $45,000
ROI: $30,000 (67% return)
Joy score: 9.8/10
Turning a basement into a living area
Average cost: $57,500
ROI: $49,350 (86% return)
Joy score: 9.7/10
Just like housing market changes, homebuyers’ preferences can change very quickly. Adapting to shifting conditions is crucial.
That’s why it’s important to utilize the expertise of a Realtor when entering the housing market. Whether you’re looking to buy or sell, a Realtor will be on your side, making sure your best interests are considered.
Realtors work for their clients every day. That’s Who We R.
Founded in 1912, Greater Chattanooga Realtors is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga Realtors serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. The association is one of approximately 1,100 local associations and boards of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors owns and operates a Multiple Listing Service that is one of approximately 600 MLSs in the country and services more than 3,000 MLS users. Local association membership consists of Realtors servicing the Greater Chattanooga area and specializing in a variety of disciplines, including appraisal, commercial, industrial, land, multifamily, property management and residential. Affiliate members who represent related industries work alongside these Realtors, including mortgage lenders, home inspectors, title and closing services, pest inspection and control services and insurance providers.