Homeowners and renters remodel, redesign, and restructure their home for a variety of reasons. From April through August of 2017, Houselogic.com surveyed consumers about the last home improvement project that they had completed, and the satisfaction that the project gave them upon completion. The “Joy Score” was calculated by combining the share who were happy and those who were satisfied when seeing their completed project and dividing the share by 10 to create a ranking between 1 and 10. Higher Joy Scores indicate greater joy from the project. The members of the National Association of Remodeling Industry (NARI), were asked to complete a cost survey of these professional remodeling projects to acquire a median. The National Association of REALTORS also conducted a random survey of its members to determine the estimate of the likely recovery dollar value to the estimated cost of each project. The results were released in September in the National Association of REALTORS 2017 Remodeling Impact Report. This report takes a deep dive into the reasons for remodeling, the success of taking on projects, and the increased happiness found in the home once a project is completed. Below, the remodeling projects that received a perfect Joy Score of 10 from Homeowners, indicating greatest happiness with the completed project as well as the estimated median cost of the project, and the recovery cost at resale.
New Fiber-Cement Siding: Project’s estimated median cost of $18,000, with a recovery cost of $15,000
New Steel Front Door: Project’s estimated median cost of $2000, with a recovery cost of $1800
Closet Renovation: Project’s estimated median cost of $3750, with a recovery cost of $2000.
New Master/Owner’s Suite: Project’s estimated median cost of $125,000, with a recovery cost of $65,000
New Fiberglass Front Door: Project’s estimated median cost of $2000, with a recovery cost of $1800
Hardwood Flooring Refinish: Project’s estimated median cost of $3000, with a recovery cost of $3000.
Added Bathroom: Project’s estimated median cost of $59,000, with a recovery cost of $29,750.
Complete Kitchen Renovation: Project’s estimated median cost of $65,000, with a recovery cost of $40,000.
The survey also showed that 75% of homeowners have a greater desire to be in their home after remodeling, 77% feel a major sense of accomplishment when they think of their completed project, and 65% have increased enjoyment in their home after remodeling. As the 2017 Remodeling Impact Report shares, homeowners who take on remodeling projects gain not only equity and more resale value in their home, they are also more likely to find satisfaction and enjoyment from their home overall.
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