Consumers Believe Home Improvement to Be Worth the Investment
Washington, DC, October 4, 2019-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, according to a new report from the National Association of Realtors, with insights from the National Association of the Remodeling Industry.
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.
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 that new roofing costs $7,500, and Realtors estimate that new roofing helps sellers recover $8,000, on average. That equates to 107% of value recovered from the project.
NARI Remodelers estimate that new wood flooring costs $4,700, with Realtors estimating the project helps sellers recover $5,000, or a 106% 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.
Furthermore, 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.
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. Additionally, 58% report a feeling of happiness when they see their completed projects, while 38% say they have a feeling of satisfaction.
NAR calculated what it refers 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 ten. 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.
A full explanation of each project’s Joy Score is available here.