Several key home remodeling projects that involve wood products are among the best values for homeowners, a new study shows.
With the housing market slowing, many retailers and suppliers in the business are counting on home remodeling to drive sales in 2023. And a new study from the Today’s Homeowner website shows that projects using wood are among the best values when it comes to return on investment.
The site looked at 34 remodeling jobs around households and many of them use wood and lumber. In fact, the top three all can involve wood depending on the choice of materials a homeowner might make: Garage door, which returns 100% of their investment; wood window replacement, 95.5%; and screened-in porch addition, 92.9%.
Other jobs with high ROIs that involve wood are: Wood deck addition, 80.1%; hardwood flooring, 78%; and minor kitchen remodel, 56.8%. Projects that involve larger outlays, such as major renovations of kitchens, bathrooms and other rooms around the house, had lower returns, largely due to the bigger initial costs. The average ROI for all projects was 69%.
And the worst household remodeling project for investment return? It’s finished basements, according to the study. That provides just a 22.7% return. On average the study discovered exterior projects have a higher ROI than those done in home interiors.
