Along with making the home look better, refinishing hardwood floors provides the highest money-back value of all the home improvement projects.
NAR’s Economists’ Outlook blog listed the five remodeling projects that receive the best overall value for sellers, based on a survey of consumers, real estate agents, and professionals in the industry.
New hardwood floors cost $2,500 but increase the value $2,500 for sellers, meaning an owner can recoup 100 percent of the costs. Upgrading insulation (95 percent of the $2,100 cost), adding new wood flooring (91 percent of the $5,500 cost), replacing the HVAC system (71 percent of the $7,000 cost), and converting the basement into a living area (69 percent of the $36,000 cost) are other ways to get the best bang for the buck.
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