Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Love it or list it? Survey finds most owners want to stay put after a remodel

10/03/2019

Download PDF

Home renovations are no easy task, often causing plenty of strife as homeowners navigate finding the right contractor, securing permits, staying on budget and handling unforeseen project hiccups.

However, the headaches and sleepless nights seem to be well worth it, according to a joint-report published by the National Association of Realtors and the National Association of the Remodeling Industry on Thursday.

The 2019 Remodeling Impact Report, which included responses from more than 5,000 consumers, Realtors and remodeling experts, revealed that 74 percent of homeowners “have a greater desire” to stay in their homes after a remodeling project. Another 65 percent said they experienced “increased enjoyment” and 77 percent felt “a major sense of accomplishment.”

“Realtors and homeowners alike recognize the value of taking on a major home remodeling project,” NAR President John Smaby said in a press release. “While these tasks can be time consuming and costly, the projects are well worth the temporary inconveniences, as this report shows, and the final products ultimately reward us, with feelings of accomplishment, satisfaction and higher homes values.”

Of the five types of home renovations studied, kitchen renovations had the highest “Joy Score,” a scaled measurement of how much joy a finished project brought to the homeowner. A score of 10 was the highest, while a score of one was the lowest.

Homeowners consistently gave kitchen renovations a score of 10, with 93 percent of homeowners saying a newly-renovated kitchen gave them “a greater desire” to be at home. Improving functionality and livability was the top reason for a renovation (46 percent), followed by the need to replace old surfaces and finishes (24 percent), and the desire to customize the kitchen to their needs after recently moving in (20 percent).

Grow with Google: Evolve your strategy to stay #1 on search Changing algorithms can sink your site. Here’s how to stay relevant. READ MORE

“Kitchens serve as the ‘heart of the home’ for many, and whether you like to entertain or cook, updating a kitchen ensures greater access and use as homeowners age, especially when the upgrades take accessibility into account,” NARI 2019-2020 President of the Board Robert Kirsic said. “No matter the size of the kitchen, a certified professional can guide the design and build process in a way that will yield joy and happiness for the homeowner.”

Closet renovations also had a Joy Score of 10, with 56 percent of homeowners saying a new closet increased the function and livability of their home, primarily due to improved organization and storage (54 percent).

Sixty-eight percent of homeowners reported feeling a major sense of accomplishment after the project was done, and 72 percent said they experienced a greater desire to be at home.

The third most popular project was a full interior paint job with a Joy Score of 9.8. A whopping 88 percent of homeowners described having a greater desire to be at home after a fresh coat of paint, speaking to how important color is in a home.

New front doors and windows rounded out the list with scores of 9.7 and 9.6, respectively. Both projects increased homeowners’ desire to be at home, and windows in particular helped solve energy consumption concerns (47 percent).

While projects like repainting interior walls and reorganizing closets bring the most joy, NARI Remodelers said they don’t necessarily yield the highest return on investment. If a sizable ROI is a homeowners’ highest concern, then new roofing and flooring is the way to go.

A new roof costs $7,000 on average, but can increase a home’s value by $8,000 — a 107 percent return on investment. New wood floors cost $4,700, but can increase a home’s value by $5,000, a 106 percent ROI.

“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 NAR chief economist Lawrence Yun.

Email Marian McPherson.

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

June 2024
Mon Tue Wed Thu Fri Sat Sun
 12
3456789
10111213141516
17181920212223
24252627282930

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...