Sound Off Deb Loban Which remodeling projects can increase a home’s equity?
Many homeowners consider remodeling their home to gain equity, resale value or simply find more enjoyment from their property. According to the National Association of Realtors 2017 Remodeling Impact Report, 75 percent of homeowners said they have a greater desire to be in their home; 65 percent say they have increased enjoyment in their home; and 77 percent feel a major sense of accomplishment after completing a remodeling project.
Realtors understand how remodeling a home can benefit the homeowner looking to sell, whether by impressing potential future buyers, increasing the number of offers or growing equity in the home. Interior projects, such as kitchen renovations, hardwood floor refinishing and insulation upgrades, often yield the largest financial returns for homeowners.
Below are four remodeling projects that scored a perfect Joy Score from consumers, indicating the greatest happiness from a completed project:
Added bathroom: According to the survey, 6 out of 10 homeowners said they have a greater desire to be home since adding a new bathroom, and nearly 80 percent of owners felt a major sense of accomplishment
Complete kitchen renovation: Ninety percent of consumers have a greater desire to be home since renovating their kitchen, and the top reason for the renovation was to upgrade worn-out surfaces, finishes and materials.
Closet renovation: Renovating a closet to improve organization and storage was the top reason for 50 percent of homeowners who flipped their closet.
New fiberglass front door: Consumers have energy efficiency in mind for many renovation projects with over 40 percent choosing to install a new fiberglass front door. Consumers find that the most important benefit is better functionality and livability, as well as durable and long-lasting results
The 2017 Remodeling Impact Report surveyed Realtors?’ and consumers who have completed remodeling projects. The report explored homeowners reasons for remodeling, the success of certain remodeling projects and the increased happiness found in the home once a project is completed. Find the report at www.nar.realtor/research-and-statistics/research-reports/remodeling-impact.
William Raveis Real Estate,
2018 President of the Greater Bridgeport Association of Realtors, (203) 923-7006, firstname.lastname@example.org