Thinking about a remodel? The projects provide the best return on investment

Your home is likely your most valuable asset. If you’re thinking about a remodel or repair, it’s a good idea to consider these top interior and exterior projects that provide the best return on investment.

INTERIOR
Refinishing hardwood floors. Most do this for beauty and to improve livability. It’s also the number one interior project for which costs can be recovered when selling the home.
Installing new wood flooring. On average, 118% of costs are recovered for this project. Still, many homebuyers say while they preferred this feature when buying a home, they wouldn’t choose it again. Why? Felt it wasn’t worth the money, grew tired of it or felt it had become outdated.
Insulation upgrade. Popular for improving energy efficiency and often providing 100% cost recovery.

EXTERIOR
Roofing. Offering a 100% return on investment, most upgrade due to worn-out surfaces, finishes and materials.
Garage door. The top replacement scenario is when planning to sell within two years. Possibly well worth the cost at 100% return.
Fiber cement siding. With an average 86% recovery on costs, upgrading siding due to worn-out surfaces, finishes and materials is a solid investment.

The right insurance is vital. The cost to replace a home can be much higher than it originally cost to build — and you could be on the hook for the difference. Replacement or renovation costs can be higher due to major upgrades done that increased the home’s value, or simply due to increased materials and labor costs. If you experience a total loss of your home, guaranteed replacement coverage allows you to rebuild it to its previous size and specifications at today’s cost, subject to certain conditions.
If you’ve made any recent updates, talk to your insurance agent to ensure you have appropriate coverage.
Make home upgrades wisely and take care to sufficiently protect your investments.

—Statepoint