WASHINGTON — Homeowners who undertake remodeling projects gain not only equity and more resale value in their home, they’re also more likely to find satisfaction and enjoyment from their home.
That’s the key finding of a new report issued by the National Association of Realtors in cooperation with the National Association of the Remodeling Industry (NARI).
The 2017 Remodeling Impact Report, the second of its kind from the Washington-based realtors’ trade association, surveyed members of NARI, as well as consumers who have completed residential remodeling projects. The report identifies the most popular remodeling projects, as well as the increased value – both financially and emotionally – that specific projects derive for homeowners once they are completed. The report also contains significant import as a potential sales/marketing tool for residential remodelers, including kitchen and bath design professionals, who are addressing prospects.
According to the report, 75% of homeowners, after completing a remodeling project, have a greater desire to be in their home, while 65% say they have increased enjoyment in their home and 77% feel a major sense of accomplishment when thinking of their completed project. Fifty-six percent of the surveyed homeowners said they felt “happy” when they see their completed project, and 39% say they feel satisfied, survey sponsors reported.
For owners looking to sell their home, National Association of Realtors officials named complete kitchen renovations, kitchen upgrades, bathroom renovations and new wood flooring as the interior projects that have the greatest appeal to potential buyers. When asked which interior projects yield the largest financial return upon resale, realtors named hardwood floor refinishing, new wood flooring and insulation upgrades. Bathroom renovations and adding a new bathroom yielded the smallest financial return upon resale, recouping approximately 50% of project costs.
When it comes to exterior projects, realtors said new roofing will recover 109% of costs upon resale, more than any other project identified in the report. New roofing was also named the exterior project that most appeals to buyers, followed by new vinyl windows, a new garage door and new vinyl siding.
While Americans spend in excess of $300 billion annually on home remodeling, many homeowners find the idea of attempting a remodeling project too overwhelming to take on. For example, 35% of the surveyed homeowners said they’d rather move than remodel their current home.
“Even though a remodeling project may seem overwhelming at the onset, working with a professional, qualified remodeler who has the required experience and training can make a big difference,” said Tom Miller, president of the Des Plaines, IL-based NARI.
“This report confirms how remodeling can increase home value and day-to-day enjoyment,” Miller added. ▪