Homeowners remodel, redesign, and restructure their home for a variety of reasons. Whether it’s to improve the home’s value, upgrade the home’s function or simply to increase the comfort and enjoyment of the home, there are millions of home improvement projects going on every day across the nation.
The National Association of Realtors conducted a study in 2019 on the Remodeling Impact that surveyed Realtors, homeowners and members of the National Association of the Remodeling Industry (yes, there is such an organization!) The report showed that while most people often remodel for resale purposes, there is also a strong desire for homeowners to make a home their own through remodeling.
“Realtors® and homeowners alike recognize the value of taking on a major home remodeling project,” said NAR President John Smaby. “While these tasks can be time-consuming and costly, the projects are well worth the temporary inconveniences, as this report shows, and the final products ultimately reward us, with feelings of accomplishment, satisfaction and higher home values.”
After completing a remodeling project, 74% of owners have a greater desire to be in their home, 65% say they experience increased enjoyment, and 77% feel a major sense of accomplishment, according to the survey.
The most common interior renovation projects include complete kitchen renovations, closet renovations, full interior and individual room paint jobs, kitchen upgrades and basement/garage conversions to living areas. However, the projects that ranked the highest for satisfaction after completion are kitchens and closets which also add much appeal to future buyers and can demand a higher asking price when your home is listed.
While remodelers often take on projects with resale in mind, the report found the top projects for recovering cost are new roofing, hardwood floor refinishing, and new hardwood floor installation. Remodeling experts estimate that these costs equate to 107% of value recovered from the project.
If you’re considering remodeling your home, I can help connect you with some of the most trusted professionals in our local area. My network of reliable and dependable contractors in this industry has been a fantastic resource for my clients over the years and I am happy to share it with you as well!