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Why Remodeling Your Home Will Build Its Equity and Increase Your Joy

Robert Kirsic

CKBR, President, NARI

Home improvement reality shows are a great way to find inspiration for your next remodeling project. That could be something small like repainting a room or installing a new garage door, or more comprehensive, such as remodeling a kitchen, creating a master suite, or adding to your home.  

According to the “Remodeling Impact Report,” conducted by the National Association of the Remodeling Industry (NARI) and the National Association of Realtors® (NAR), taking on projects is usually worth the investment and time. 

After remodeling, 74 percent of owners have a greater desire to be in their home, 65 percent have increased enjoyment in their home, 58 percent feel happy, and 38 percent feel satisfied when they see their completed project, with a typical joy score of 9.6. Seventy-seven percent feel a major sense of accomplishment when they think of their completed project.

Revamping the exterior

First impressions count and by investing in the curb appeal of your home, you are not only creating a more enjoyable experience from the outside, but adding value to your property. These are some of the most profitable improvements you can make to your home’s exterior:

New roof: Your roof is one of the most protective features for your home and is also one of the greatest investments you can make. Results from the “Remodeling Impact Report” noted that remodelers and Realtors estimated a 109 percent return on value. One of the biggest benefits of a new roof is that it can increase your home’s energy efficiency.

Garage door: Replacing your garage door generates an estimated 95 percent return on value. With extensive design options from garage door manufacturers, a new garage door can provide another way to customize your home and add curb appeal. 

Vinyl windows: Say goodbye to drafts and take advantage of myriad benefits, such as easy cleaning, with vinyl windows. Delivering energy efficiency and curb appeal, vinyl windows  rank highly in terms of estimated return on value, with an estimated return of 71 percent on project costs.

Building from within

The “Remodeling Impact Report” gauges costs and return, but also takes homeowner joy and satisfaction into consideration. Renovating an outdated kitchen or bathroom is another great way to build equity in your home. 

Applying the concept of universal design to a kitchen or bathroom update ensures that accessibility best practices are incorporated for the safety and comfort of all family members. 

Kitchen remodels: Twenty percent of consumers polled said they renovated their kitchen just after moving in to update worn out products and materials, and to customize design to personal taste and preference. Forty-six percent reported better functionality and livability after making the changes, and the calculated joy score was a perfect 10. Kitchen renovations add equity to any home and deliver an estimated return on value of 50 percent.

Bathroom remodels: Renovating a bathroom improves livability, satisfaction, and joy. The “Remodeling Impact Report” notes that homeowners could anticipate as much as a 57 percent recovery at resale. Bathroom renovations are another opportunity to incorporate universal design and accessibility elements, such as grab bars, barrier-free shower entry, and slide-out drawers.

For more information on ways to maximize your remodeling dollars and add value to your home, visit RemodelingDoneRight.com/Report

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