Renovated Homes in This U.S. City Have the Highest ROI
Published Jan 11, 2022 2:31 PM
Renovating feels personal. From backsplash tile to bedroom paint, you get to call the shots. But when all is said and done, our home improvements aren’t really just about us. They’re for the people who come after us, too. Every remodel we tackle is an investment, one that we hope to get back (at least partially) when it’s time to sell. And it turns out that where you live in the U.S. can impact your chances to boost your home’s value.
HomeAdvisor recently analyzed real-estate listings in 10 of the hottest housing markets across the country to find out where updated homes see the biggest increase in price per square foot. At the top of the list? Dallas, where homeowners see the highest ROI, at a 23 percent increase in value. Based on 2020 data that suggested the average home is about 2,260 square feet, HomeAdvisor found that a non-renovated home would sell for around $459,210, while a revamped one would go for closer to $563,600. That means tackling a remodel in Dallas could up your home’s value by $100,000.
Other top contenders are Miami (where remodeled homes see a 21 percent increase in value) and Houston (18 percent). Riverside, California, scores the lowest with just a 2 percent change in price per square foot, followed by San Diego and Las Vegas. If you aren’t up for a move to one of the ROI-boosting markets, never fear: Focus on making changes to your space that have proven to be a solid investment, like adding a home gym, replacing a dated oven with a steam option, and painting the front door a glossy shade of black. Your wallet will thank you later.