Realtors® provided an estimate of the likely dollar value each project would add to a house during resale. In comparing that dollar value to the estimated cost of each job provided by NARI members, a Recovered Project Cost percentage was tabulated. In regard to interior projects, the highest percentage cost recovered was from refinishing hardwood floors at 147%. New wood flooring was at 118%, and an insulation upgrade was at 100%. Among exterior projects, new roofing, and a new garage door both recovered 100% of the project costs.
The report aimed to calculate consumers’ viewpoints toward their projects upon completion. Projects that made the renovators want to remain home, or remodel jobs that sparked an increase of enjoyment among occupants, received a high Joy Score, with “10” being considered a perfect Joy Score. Some tasks that were awarded scores of 10 were: painting a home’s entire interior, painting one room, adding a home office, hardwood floor refinishing, closet renovation, and insulation upgrades, among other labors.
Kitchen upgrades were also popular among homeowners, with the task receiving a 9.8 Joy Score. The top reason (32%) to take on a kitchen overhaul was the desire to upgrade worn out surfaces, finishes or materials. The second top reason (20%) was to add features and improve livability.
According to NARI Remodelers’ cost estimate, the average kitchen remodel would be about $45,000. Realtors estimated that $30,000 of that sum could be recovered as a result of the renovation. That would be a 67% recovery rate.
Access the full report here: https://www.nari.org/Remodelers-Contractors/Other-Resources/NAR-NARI-s-2022-Remodeling-Impact-Report
NARI provides remodelers the tools that enable them to perform at a higher level. NARI connects homeowners with its professional members, so consumers have a positive remodeling experience with a professional, qualified remodeler. NARI members pledge to follow the nation’s strictest code of ethics for remodelers so homeowners can feel confident that their remodeling job will be done right when they hire a NARI member. Check out NARI of Greater Chicagoland’s Member Directory to find the right contractor for your next remodeling project.
