Investing in Your Interior

Upgrading your home’s interior is a great investment, both financially and emotionally according to a new report from the National Association of Realtors (NAR).

“The NAR worked with the National Association of the Remodeling Industry to rank various projects according to what gives you the biggest bang for your buck,” says Lee Schilare, Sales Associate at ERA Justin Realty, “It turns out certain interior projects are not just money makers, they make you happy too.”

The NAR and NARI took a look at the typical costs of the most popular remodeling and replacement projects and ranked them by cost recovery and how much joy the renovations give the homeowner. They call it “The Joy Scale.”

“Turns out there are many interior projects that rank 10 out of 10 on the Joy Scale,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty. They are:

• Painting the whole interior or just one room
• Adding a new home office
• Refinishing hardwood floors
• New wood floors
• Closet renovation
• Insulation upgrade
• Attic conversion

“Some of these, like painting, are things you can do yourself,” says Schilare, “That’s notable because all of these projects also help increase how much your home is worth when you sell.”

According to NAR and NARI, some interior projects pay for themselves… and some. The highest cost recovery percentage according to the report is refinishing hardwood floors which will earn you a whopping 147% return on your investment. “Original hardwood floors are highly sought after,” says Schilare, “Paying for professional sanding, staining, and polishing is worth it.”

Adding new wood flooring is also a worthy investment. It will earn you 118%, according to the report, and upgrading insulation in your walls may not be much to look at, but it will pay you back penny for penny at 100%. 

Whether you’re looking to sell or seeking a diamond in the rough awaiting your personal touch, Lee Schilare or any of the experienced agents at ERA Justin Realty can help. Give us a call at (201) 939-7500.