Remodeling projects bring homeowners value and joy
If buying a new home isn’t in the cards for your clients, perhaps remodeling is.
According to NAR’s 2017 Remodeling Impact Report, three quarters of homeowners reported they have a greater desire to be in their home after a remodeling project. Meanwhile, 77 percent reported they felt a major sense of accomplishment and 65 percent said they have increased enjoyment in their home since finishing a remodeling project.
According to Realtors®, kitchens and bathrooms are where homeowners should look to remodel. A complete kitchen renovation, a kitchen upgrade and a bathroom renovation are the top three projects agents rated as being the best appeal to buyers, as well as the most likely to add value to a home for resale.
According to the survey, a new master suite or owner’s suite was the most joyful for consumers, and the percent of value recouped from the project was estimated to be 52 percent. A complete kitchen overhaul also did wonders for homeowners, and recovered about 62 percent of value. Adding a new bathroom increased livability for many consumers, recouping 50 percent of value. A closet renovation improved organization and storage for homeowners, and recouped 53 percent of value. Finally, hardwood flooring also made homes more enjoyable for owners, and agents estimated this project recoups 100 percent of its value.
Outside the home, Realtors® listed new roofing, new vinyl windows and a new garage door as the top three projects that appeal to buyers and add value to a home for resale.
A new steel front door was ranked highly among consumers, and it recovers 75 percent of its value. A new fiberglass front door also did well among homeowners, and recouped 67 percent of its value.
What remodeling projects do you think are most valuable?