Brandi Pearl Thompson: Remodeling Can Bring Joy And Higher Home Value

Tuesday, October 6, 2020 - by Brandi Pearl Thompson, president, Greater Chattanooga Realtors
In this low-inventory market, some homebuyers are making changes to their existing home instead of going through the competitive search for their next home. In addition to enjoying your current digs more, remodeling also brings the long-term benefit of increasing your home’s value.
 
The National Association of Realtors just released their 2019 Remodeling Impact Report, which highlights those projects that most appeal to homebuyers. This report was conducted pre-COVID in July 2019.
Obviously, many people began to work remotely in response to COVID, but that should only increase the importance of these remodeling projects.
 
According to the report, Americans spend $400 billion annually on remodeling their homes. Nationally, 35 percent of homeowners would rather move to another home than remodel their current one. 55 percent of owners in suburban areas and 52 percent of owners in urban areas say they would be willing to remodel their home. This jumps to 70 percent for owners in rural areas.
 
It’s worth noting that in the current housing market, many Realtors, myself included, are seeing multiple offers on listed homes. This scenario is not unique to Chattanooga, and it’s no guarantee that buyers will land their first, second or even their third choice. With this in mind, an increasing number of consumers are spending money to make their existing property into the home that will have all the features they’re looking for in a new house.
 
Sure, projects can be measured in cost, but realtors know that there are certain feelings that money can’t quite measure. To help gauge those intangibles, NAR calculated a Joy Score for each remodeling project based on the happiness homeowners reported with their renovations. So what do the numbers say?
 
Interior projects with a Joy Score of 10 were complete kitchen remodel, closet renovation, full interior and individual room paint, kitchen upgrade, and basement conversion to a living area. Exterior projects with the highest Joy Scores were new fiberglass or steel front door, new vinyl and wood windows, and new roofing.
 
Taking on these projects is often worth the investment and time. After remodeling, 74 percent of owners have a greater desire to be in their home. 65 percent have increased enjoyment in their home. 58 percent feel happy and 38 percent feel satisfied when they see their completed project with a typical Joy Score of 9.6. Seventy-seven percent of respondents feel a major sense of accomplishment when they think of their completed project.
 
Are you wondering whether to tackle the work yourself or contract it out? Some remodel projects often can be done on your own with a little bit of elbow grease. 36 percent of the owners did the project themselves, while 35 percent hired a professional for all of the job, and 14 percent hired the labor but purchased the materials. Weigh your options and resources to get the most bank for your buck.
 
In light of COVID-19, we are seeing a slowness in obtaining supplies and some appliances. And in some cases, the cost for some materials are increasing, as the pandemic slowed production in the supply chain.
 
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.

Real Estate Transfers For Oct. 15-21

Oritz And Sanders Join Board Of Habitat For Humanity Of Greater Chattanooga

Chattanooga's Million Dollar Homes


NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)

Habitat for Humanity Board Chair Marcus Jones announced the additions of Fabiola Ortiz and Tony Sanders to the board of directors for the organization. Ms. Ortiz is vice president and regional ... (click for more)

Chattanooga's Million Dollar homes, reflected in recent transactions, include: 1345 Falmouth Road 3 bedrooms, 4 baths, 4,357 square feet on .43 acres The sale ... (click for more)



Real Estate

Real Estate Transfers For Oct. 15-21

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

Oritz And Sanders Join Board Of Habitat For Humanity Of Greater Chattanooga

Habitat for Humanity Board Chair Marcus Jones announced the additions of Fabiola Ortiz and Tony Sanders to the board of directors for the organization. Ms. Ortiz is vice president and regional branch administrator for SmartBank in Chattanooga. She is a graduate of Bethel University with a bachelor of science degree in business administration and management/organizational development ... (click for more)

Breaking News

13-Year-Old Boy Injured Monday Afternoon In Drive-By Shooting On Central Avenue

A 13-year-old boy was shot Monday around 4:48 p.m. on Central Avenue. Police located the victim at the 5200 block on Slayton Avenue and determined he had run from the actual crime scene in the 5300 block of Central Avenue. The victim was taken to a local hospital by Hamilton County EMS for treatment of a non-life-threatening gunshot wound. Officers secured the ... (click for more)

Tennessee, Georgia Senators Vote To Confirm Amy Barrett To Supreme Court; She Is Approved 52-48

Tennessee and Georgia senators were among those voting to confirm Amy Coney Barrett to a seat on the U.S. Supreme Court on Monday. Judge Barrett was confirmed by a vote of 52 to 48. She previously served on the U.S. Court of Appeals for the Seventh Circuit. Judge Barrett is a mother of seven and is now the youngest member currently serving on the Supreme Court. Senator Lamar ... (click for more)

Opinion

We Must Love

I feel it too. It is easy to hate. Maybe we could try harder to love. Hate seeps into our bones, rules our integrity, and convinces us to forsake those we love. Hate is toxic. It spreads to our neighbors; people we once trusted. It spreads to our coworkers and friends; people who once trusted us. We lose sight of what truly matters. That is what we have in common now. Is ... (click for more)

Roy Exum: Trump & The J-Word

There have been a bunch of times in my half-century as a writer when people – especially other writers – have called me out for being different. That in itself isn’t a bad thing (I rather like it), but Alf Van Hoose, the legendary sports editor, told me once in a crowd, “You are a rarity … you’ll put the word ‘Jesus’ in a paragraph, and I appreciate that.” But it’s true - the scariest ... (click for more)