Remodeling Projects That Bring Joy

Dated: 10/17/2017

Views: 37

Image title

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.


Latest Blog Posts

Pros and Cons of Smart Appliances

Smart appliances can make life easier and more convenient. Since the technology is relatively new, many manufacturers are still working out problems and resolving glitches. Before you purchase a

Read More

Which Home Improvements Offer the Best Return on Investment?

Remodeling your house can be a major investment. Depending on the type of project you choose, you could spend up to tens of thousands of dollars. You want to know that you’re making a wise

Read More

Changes to Real Estate Tax Deductions for 2018 from Bridget Morrissey

As a homeowner, or soon to be homeowner, you can get some pretty sweet tax deductions from things related to your home. Some tend to change from year to year, like those for energy-efficient

Read More

Mystic Real Estate Market Report September 2018 by Bridget Morrissey

The Mystic Real Estate Market Report is a monthly statement of the average sales price for and number of  2 BR, 3 BR and 4 BR homes sold, the total number of sales, the number of active homes

Read More