News flash! After we remodel our homes we want to spend more time enjoying the space, actually do just that and feel a sense of personal accomplishment even if we didn’t do the work ourselves. So says the 2015 Remodeling Impact Report from the National Association of the Remodeling Industry (NARI) and the National Association of Realtors (NAR).
The first of its kind “satisfaction” analysis gauges both the “joy” and the financial value of 12 popular interior remodeling projects and 8 exterior projects.
Annual remodeling studies such as the Remodeling Cost vs. Value tell us how much money we can expect to recoup from a project if we sell the home in the near future. But we know payback seldom is the driving force behind most remodeling decisions. House flippers and transient business executives are careful they don’t over improve their homes and investment properties. The rest of us usually want to enhance our families’ quality of life. It’s for us.
The new study documents that we remodel because surfaces and fixtures are worn, because old floor plans no long serve our needs and because we need more (or at least more versatile) space. Improved functionality, accessibility energy efficiency, comfort and aesthetics are our rewards. And they pay dividends every day.
The Remodeling Impact report puts numbers to what many of us already know in our hearts to be true. See if you agree. The complete report is published in this month’s Qualified Remodeler magazine. Here are the highlights.
Remodeling Impact Highlights
Among interior projects, adding a bath, doing a complete kitchen update and remodeling a master bedroom/bathroom suite bring the most joy. Kitchen and bath updates and new hardwood flooring are most recommended by Realtors. But refinishing hardwood floors, improving insulation and installing hardwood flooring hold the most value at resale.
Among exterior projects, fiber cement siding and fiberglass or steel entry doors bring the most satisfaction. Realtors are most likely to recommend new roofs, garage doors and vinyl windows. Not surprisingly, these projects also retain the most value. In fact, replacing a roof is the only project – interior or exterior – that is worth more to a buyer than the seller spent.
Remodeling Study Methodology
The study melded survey results from nearly 500 remodeling contractors and more than 2,000 Realtors and 4,000 homeowners who completed remodeling projects last year. Project costs and values were based on projects done at a hypothetical 2,450 sf, post 1978 house using standard quality materials.