REALTORS Find Remodeling Projects Gain Equity, Bring Joy to Homeowners
May is National Home Remodeling Month, a time of the year when many homeowners may daydream about sprucing up their home to gain equity, resale value or simply find more enjoyment from their property.
According to the National Association of REALTORS, many homeowners find the idea of a remodeling project too overwhelming to take on. In fact, 35 percent of homeowners in the U.S. said they would rather move than remodel their current home.
Yet, after completing a remodeling project, 75 percent of homeowners said they have a greater desire to be in their home; 65 percent say they have increased enjoyment in their home; and 77 percent feel a major sense of accomplishment when thinking of their completed project, according to NAR’s 2017 Remodeling Impact Report.
REALTORS understand how remodeling a home can benefit the homeowner looking to sell, whether by impressing potential future buyers, increasing the number of offers or growing equity in the home. Interior projects, such as kitchen renovations, hardwood floor refinishing and insulation upgrades, often yield the largest financial returns for homeowners.
REALTORS also understand that some homeowners undertake these projects to get more enjoyment from spending time at home. Below are four remodeling projects that scored a perfect Joy Score from consumers, indicating the greatest happiness from a completed project:
Added bathroom: The desire to improve livability, especially as a family grows, often leads to home renovation projects. According to the survey, 6 out of 10 homeowners said they have a greater desire to be home since adding a new bathroom, and nearly 80 percent of owners feel a major sense of accomplishment when they think of their project.
Complete kitchen renovation: One of the most used rooms in the home, consumers oftentimes draw up their plans for renovating their kitchen first. Ninety percent of consumers have a greater desire to be home since renovating their kitchen, and the top reason for the renovation was to upgrade worn-out surfaces, finishes and materials.
Closet renovation: A dream renovation for many consumers, renovating a closet to improve organization and storage was the top reason for 50 percent of homeowners who flipped their closet. Seventy-one percent of homeowners have a greater desire to be home since completing their closet project and 65 percent have an increased sense of enjoyment when they are home.
New fiberglass front door: Consumers have energy efficiency in mind for many renovation projects, with over 40 percent choosing to install a new fiberglass front door in their home. Consumers find that the most important benefit of a new fiberglass door is better functionality and livability, as well as durable and long-lasting results, materials, and appliances.
The 2017 Remodeling Impact Report surveyed REALTORS and consumers who have completed remodeling projects. The report explored homeowners reasons for remodeling, the success of certain remodeling projects and the increased happiness found in the home once a project is completed. Find the report at HERE.