Why consumers remodelConsumers remodel for the following reasons:
- Upgrade or replace old, worn surfaces, finishes and materials such as carpets, countertops and flooring.
- Because it is time for a change; the need to freshen up the look to meet current trends. Add new features and to improve livability.
- Just moved in and want to customize to personal tastes.
The most popular home improvementsAccording to the 2019 Remodeling Impact Report recently released by the National Association of REALTORS (NAR), the two most popular home improvement projects for homeowners and Realtors are:
- New roofs
- Complete kitchen renovation or kitchen upgrade
Homeowners are staying putIt’s been a few years since the Remodeling Impact Report was last released in 2017. Since then, the estimated cost of closet renovations increased AND the cost recovered from this type of renovation also increased. With homeowners now staying in their homes longer, they are investing money in more elaborate home remodeling projects than in past years. Another result of homeowners staying in their homes longer is they are electing to put money into home projects they will use daily and into those that will improve the functionality and livability of their home for the long term. Baby Boomers and seniors are finding ways to age in place by remodeling their homes instead of moving.
Other popular interior home improvementsBesides kitchen renovations/upgrades, roof replacements, and closet renovations, there are other popular interior projects for 2019. Both homeowners and Realtors like HVAC replacements, new wood floors, bathroom remodels, as well as the addition of brand-new bathrooms.
What about exterior home improvements?For exterior projects, Realtors surveyed for the report said new roofing was the most popular exterior project among homeowners. Realtors felt this also added the most value to a home. Other exterior projects on the survey chosen by Realtors and homeowners were new vinyl windows, new vinyl siding, new garage doors, and new fiber-cement siding.
Remodeling makes us happyNAR calculated what is called a Joy Score for each of the reported projects. The Joy Score is based on the homeowners’ happiness they had for each of the renovation and remodel projects. For exterior projects, new fiberglass and steel front doors scored the highest Joy Score, 9.7 for each. New doors seem to make us happy!
Several interior renovation projects scored a perfect Joy Score of 10:
- Complete kitchen renovations
- Closet renovations
- Full interior and individual room paint
- Kitchen upgrades
- Basement conversions to living/family room
- Kitchen renovation – Joy Score 10
- Closet renovation – Joy Score 10
- Full interior paint job – Joy Score 9.8
The projects with the best return on investmentThe top 3 return-on-investment projects are:
- New roofing – 107% of value recovered
- New hardwood floors – 106% of value recovered
- Refinished hardwood floors – 100% of value recovered.