On Thursday, the National Association of Realtors (NAR) in conjunction with the National Association of the Remodeling Industry (NARI) released the 2017 Remodeling Impact Report; the data reveals the top remodeling projects, as well as the increased financial and emotional value that specific projects bring.
According to the report, after completing a remodeling project, “75 percent of owners 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.” In addition, “56 percent felt happy when they see their completed projects, and 39 percent say they feel satisfied.”
NAR President William E. Brown said that whether homeowners are hoping to impress potential buyers, bringing in higher offers, or gaining more equity in the home, remodeling projects and home upgrades brings the most value to homeowners.
Homeowners looking to sell should consider interior renovations, specifically hardwood floor refinishing, which ranked as the project with the largest financial return upon resale, recovering 100 percent of project costs upon resale, according to the report.
For exterior projects, NAR reported new roofing will recover 109 percent of costs upon resale, more than any other project, as “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.”
Projects with a perfect “Joy Score of 10,” which is the ranking of satisfaction from projects, included a new master/owner’s suite, with an estimated cost of $125,000 for a full makeover, and new steel front doors, with an estimated cost of $2,000.
“This year’s report confirms how remodeling can increase home value and day-to-day enjoyment,” said Tom Miller, President of the National Association of the Remodeling Industry. “I can’t emphasize enough how important it is to work with a contractor you can trust who adheres to a strict code of ethics and can help define a realistic budget.”
View the full report by clicking here.