The NAR’s 2017 Remodeling Impact Report projects that homes with existing hardwood floors will likely see a 100% return as the average $3,000 cost to refurbish them adds $3,000 in value.

Installing wood flooring pays off almost as well, with a 91% return. Wood flooring installations that cost $5,500 are projected to add around $5,000 to the home value. However, these estimates vary depending upon the type of wood flooring you install.

From Wikipedia, the free encyclopedia:

Home or residential renovation is an almost $300 billion industry in the United States, and a $48 billion industry in Canada. The average cost per project is $3,000 in the United States and $11,000–15,000 in Canada.

Professional home improvement is ancient and goes back to the beginning of recorded civilization. One example is Sergius Orata, who in the 1st century B.C. is said by the writer Vitruvius (in his famous book De architectura) to have invented the hypocaust. The hypocaust is an underfloor heating system that was used throughout the Roman empire in villas of the wealthy. He is said to have become wealthy himself by buying villas at a low price, adding spas and his newly invented hypocaust, and reselling them at higher prices.

Renovation contractors

Perhaps the most important or visible professionals in the renovation industry are renovation contractors or skilled trades. These are the builders that have specialized credentials, licensing and experience to perform renovation services in specific municipalities.

While there is a fairly large ‘grey market’ of unlicensed companies, there are those that have membership in a reputable association and/or are accredited by a professional organization. Homeowners are recommended to perform checks such as verifying license and insurance and checking business references prior to hiring a contractor to work on their house.