Wednesday, October 23, 2019 - by Kim Bass, president, Greater Chattanooga Realtors
A collaborative project between the National Association of Realtors and the National Association of the Remodeling Industry shows that 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.
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 percent of owners have a greater desire to be in their home, 65 percent say they experience increased enjoyment, and 77 percent feel a major sense of accomplishment, according to the survey. Additionally, 58 percent report a feeling of happiness when they see their completed projects, while 38 percent say they have a feeling of satisfaction.
“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,” said Lawrence Yun, NAR chief economist.
Kitchen Renovation. Ninety-three percent of those polled said they have a greater desire to be at home since the completion of their kitchen, and 95 percent said they have an increased sense of enjoyment when at home.
The most important result of a kitchen renovation is improved functionality and livability, according to 46 percent of those polled. As to the reasons why they decided to take on the project, 24 percent say they wanted to upgrade worn-out surfaces and materials. Another 20 percent report they had recently moved into their home and had a desire 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 is immediate. Thusly, 68 percent of those surveyed say they feel a major sense of accomplishment when they think about the completed project. Nearly three-quarters, 72 percent, report having a greater desire to be at home since finishing the job.
With a closet redesign, 56 percent say the most important result is better functionality and livability. Fifty-four percent say the top reason for doing the job was the need to improve organization and storage. Fifteen percent answered that 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 a task this is to respondents. A vast majority, 88 percent, say they have a greater desire to be home since having their home freshly painted. Eighty-six percent report feeling a major sense of accomplishment when they think of the project.
New Fiberglass Front Door. As mentioned, the installation of fiberglass front doors is a highly rated exterior project. Seventy-nine percent of polled homeowners say they have had a greater desire to be at home upon completion of the job. Sixty-seven percent say they have an increased sense of enjoyment when they are at home, and another 69 percent state that they feel a major sense of accomplishment when they think of the completed project.
New Vinyl Windows. Forty-two percent of those surveyed say the most important result of new vinyl windows is improved functionality and livability. As for the top reasons for doing the job, 47 percent say they had a desire to improve their home’s energy efficiency and 23 percent say 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 that new roofing costs $7,500, and realtors estimate that new roofing helps sellers recover $8,000, on average. That equates to 107 percent of value recovered from the project.
Lastly, NARI Remodelers estimate that new wood flooring costs $4,700, with realtors estimating the project helps sellers recover $5,000, or a 106 percent 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.
Renovations, big and small, can help increase 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.