Homeowners who complete a home improvement project, whether it’s an interior or exterior modification, often find the task was worth the investment and time, a new report from the National Association of Realtors shows.
The 2019 Remodeling Impact Report, an examination of 20 projects, surveyed Realtors, consumers who have taken on home renovation projects and members of the National Association of the Remodeling Industry.
The report examines a variety of remodeling projects, using the responses to rank the appeal of a given project and its value 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 upon completion of the job.
After completing a remodeling project, 74% of owners said they had a greater desire to be in their home, 65% said they experienced increased enjoyment and 77% said they felt a major sense of accomplishment, the survey reported. Additionally, 58% reported feeling happy when they saw their completed projects, while 38% felt satisfied.
“The NAR report shows us that people often remodel for resale purposes, but it also reminds us that homeowners remodel, too, with the desire to make a home their own,” says Lawrence Yun, NAR chief economist.
Kitchen renovation
Ninety-three percent of those polled said they have had a greater desire to be at home since completing their kitchen, and 95% said they have had an increased sense of enjoyment when at home.
The most important result of a kitchen renovation is improved functionality and livability, 46% of those polled said. As to why they took on the project, 24% said they wanted to upgrade worn-out surfaces and materials. Another 20% said they had recently moved into their home and wanted to customize the kitchen to their particular tastes.
Closet renovation
A disorganized closet is something a homeowner encounters daily, often at the start of their day. When a closet renovation is finished, the sense of achievement seems to be immediate. Sixty-eight percent of those surveyed said they felt a major sense of accomplishment when thinking about the completed project. Nearly three-quarters (72%) said they have had a greater desire to be at home since finishing the job.
With a closet redesign, 56% said the most important result is better functionality and livability. Fifty-four percent said the top reason for doing the job was the need to improve organization and storage. Fifteen percent said it was time for a change.
Full interior paint job
A finished paint job is usually visible in every room in a home, which speaks to how important this task is to respondents. A vast majority (88%) said they have a greater desire to be home since having their residence freshly painted, while 86% said they feel a major sense of accomplishment when thinking of the project.
New fiberglass front door
The installation of fiberglass front doors is a highly rated exterior project. Seventy-nine percent of polled homeowners said they have had a greater desire to be at home since completing the job. Sixty-seven percent said they have had an increased sense of enjoyment when at home, and another 69% said they feel a major sense of accomplishment when they think of the completed project.
New vinyl windows
Forty-two percent of those surveyed said the most important result of new vinyl windows is improved functionality and livability. As for the reasons for doing the job, 47% said they had a desire to improve their home’s energy efficiency, and 23% said they wanted to upgrade worn-out surfaces, finishes and materials.
Cost recovered
Remodelers 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 new roofing costs $7,500, while Realtors estimate new roofing typically helps sellers recover $8,000. That equates to a recovery of 107% of the value of the project.
NARI Remodelers estimate new wood flooring costs $4,700, with Realtors estimating the project helps sellers recover $5,000, or 106% of the value of the project.
NARI Remodelers estimate hardwood floor refinishing costs $2,600, while Realtors estimate hardwood floor refinishing helps sellers recover $2,600.
Renovations big and small can help increase a home’s value. It also makes the property your own. Consulting a Realtor might be a good place to get direction. We’re here for our clients and our community. That’s Who We R.
Greater Chattanooga Realtors is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,000 members, Greater Chattanooga Realtors is one of some 1,300 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors services Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423 698-8001.