Thursday, December 05, 2019
If you’re on the fence about a home improvement project, wondering whether or not it will be worth the time, money and disruption to daily life, consider the results of a recent survey.
According to the 2019 Remodeling Impact Report from the National Association of REALTORS® (NAR), with insights from the National Association of the Remodeling Industry (NARI), homeowners who decide to undergo a home improvement project, whether it be interior or exterior modifications, often find that the task was worth the investment and time.
The report examines a variety of remodeling projects, using responses to rank the appeal of a given project, rank the value of the project in terms of resale and determine its overall functionality. The findings also reveal the reasons for remodeling, the success of taking on the various projects and the increased happiness reported in the home upon completion of the job.
According to the report, after completing a remodeling project, 74 percent of owners have a greater desire to be in their home, 65 percent say they experience increased enjoyment, and 77 percent feel a major sense of accomplishment. Additionally, 58 percent report a feeling of happiness when they see their completed projects, while 38 percent say they have a feeling of satisfaction.
NAR also went on to calculate what they refer to as a “Joy Score” for each project. The score is based on the happiness homeowners reported with their renovations; the more pleased with a given project, the better the Joy Score, with the highest possible score being 10. Interior projects that received some of the higher Joy Scores are complete kitchen renovations, closet renovations, full interior and individual room paint jobs, kitchen upgrades and basement conversions to living areas. Exterior jobs with the highest Joy Scores were new fiberglass or steel front doors, new vinyl and wood windows and new roofing.
The most important result of a kitchen renovation is improved functionality and livability, according to 46 percent of those polled. As to the reasons why they decided to take on the project, 24 percent say they wanted to upgrade worn-out surfaces and materials. Another 20 percent report they had recently moved into their home and had a desire to customize the kitchen to their particular tastes.
Upgrading home closets was another task that received a 10 Joy Score. This is due, in part, to the inconvenience of a disorganized closet, which is something a homeowner encounters daily, often at the start of their day. When a closet renovation is finished, the sense of achievement is immediate. Therefore, 68 percent of those surveyed say they feel a major sense of accomplishment when they think about the completed project. Nearly three-quarters (72 percent) report having a greater desire to be at home since finishing the job.
Of course, homeowners often take on projects with resale in mind, rather than their own home preferences. The report found the top projects for recovering cost are new roofing, hardwood floor refinishing and new hardwood floor installation. NARI Remodelers estimate that new roofing costs $7,500, and REALTORS® estimate that new roofing helps sellers recover $8,000, on average. That equates to 107 percent of value recovered from the project.
Finally, NARI remodelers estimate that new wood flooring costs $4,700, with REALTORS® estimating the project helps sellers recover $5,000, or a 106 percent value recovery. NARI Remodelers estimate that hardwood floor refinishing costs $2,600, and REALTORS® estimate that the hardwood floor refinishing would help sellers recover $2,600.
Consider these stats when you’re contemplating your next home renovation. Your future happiness and the financial return may make it well worth it.
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