Remodeling for Joy & Profit

According to a report by the National Association of Realtors®, the remodeling projects that received the highest Joy Scores – a ranking from 1 to 10 based on the happiness homeowners reported upon completion – include the addition of a primary bedroom suite (10), a kitchen upgrade (10) and new roofing (10).

In contrast, the remodeling projects with the highest cost recovery – as estimated by members of NAR – include a new steel front door (100%), closet renovation (83%) and new fiberglass front door (80%). (how boring!!)

"Homeowners undertake remodeling projects for numerous reasons, but what remains intriguing is the disparity between the joy experienced post-remodel and the actual cost recovery," said Jessica Lautz, NAR deputy chief economist and vice president of research. "While homeowners take pride in seeing their personal tastes and design choices come to life, Realtors® may recommend different strategies to enhance the property’s resale value."

The top remodeling projects that Realtors® recommend sellers complete before listing their homes include painting the entire home (50%), painting a single interior room (41%) and installing new roofing (37%). Additionally, the projects for which Realtors® have observed the highest increase in demand are a kitchen upgrade (48%), new roofing (43%) and a bathroom renovation (35%).

When consumers remodel their homes, the primary reasons include upgrading worn-out surfaces, finishes and materials (27%); improving energy efficiency (19%); desiring a change (18%) and preparing to sell within the next two years (18%).

Let me know if you'd like me to come by for a discussion about remodeling to make the most money when you sell. Sometimes it's about making your house appealing in a way that doesn't cost much money!