According to the National Association for Realtors (NAR), homeowners who take on remodeling projects experience more benefits than just an increased home value. Of course dropping $16,000 on a bathroom overhaul should add to the resale value of your home (it actually increases it by 85%). And one might think that spending a chunk of money like that and then living through the construction would negatively affect personal happiness levels, but remodeling has actually proven to have the opposite effect. Homeowners who remodel increase the value of their lives too via new found satisfaction and enjoyment of their homes.
Remodeling to Increase the Value of a Home
The NAR’s recent ‘2017 Remodeling Impact Report’ surveyed Realtors®, members of the National Association of the Remodeling Industry (NARI), and consumers who have completed remodeling projects to determine which projects delivered the highest increase on home value. In another study by Sherwin-Williams and the NARI, 35% of homeowners view remodeling in general as the most efficient means of increasing home value. However, some remodeling projects pay off much more than others. So, while your new, modern bathroom design may see some financial love in the resale market, the custom knitting room you installed for your mother, maybe not so much. Another reason that it’s important to ensure timeless design in your home.
Kitchen, bathroom, and basement renovations and upgrades are on the top of the list for adding value to your home and appealing to potential new buyers. Exterior updates like roof, window, and siding replacement also scored high. Many of the remodeling projects highlighted had as high as an 80-85% cost recovery estimate. Cost recoveries represented in the report can each be influenced by a number of factors (project design, quality of materials, location, age and condition of the home, etc), but the results clearly show that homeowners who remodel increase the value of their home.
Despite the proven increase in equity and resale value, 35% of homeowners in the US still said they’d rather move than remodel! What they may not know, though, is the potential for increasing happiness with remodeling projects. Homeowners remodel for many reasons: to upgrade, to modernize, to improve, to restore – and now, simply to improve their livelihood.
Remodeling Increases Value in Homes and Satisfaction
Remodeling projects (both DIY and professionally designed and completed) certainly add a sense of accomplishment and satisfaction to a home. And according to the NAR’s report, they can increase the value of your personal home-life as well. After completing a remodeling project, 75% of homeowners had a greater desire to be in their home, 65% experienced increased enjoyment in their home, and over 35% say that the most important result from remodeling is better functionality and livability.
We’re not recommending you go knocking down walls and telling your spouse it’s to improve your happiness at home (in that case you may need a therapist, not a home makeover expert). But instead of continuing to push your dream remodeling plans further and further down on the list of priorities (we know, life is full of many less-avoidable expenses), consider all the benefits before deciding its importance.
Ensure Quality Throughout the Remodeling Process
Although we now know that homeowners who remodel increase the value of not only their house, but the enjoyment of their house as well, one stipulation may linger. While remodeling projects are certainly easy to enjoy after completion, sometimes the remodeling process itself isn’t as enjoyable (we feel you on the frustrations that can come with living in a construction zone).
However, even the most overwhelming projects become simplified when you work with a credible, professional home builder/remodeler. A builder who can communicate effectively with you from day one, provide an accurate estimate and time frame AND keep your best interests in mind at all times can make an enormous difference in the quality of your remodeling experience. Choosing the right custom home builder that’s a perfect fit for you and your project will ensure you reap all the rewards (monetary & personal) of remodeling your home!
For examples of and inspiration for bathroom, kitchen, basement, and other remodeling projects that could improve the value of your home and your life, check out the Icon Building Group portfolio. If you are interested in working with Icon please contact us via phone at (847) 796-6477, or through our convenient online form to schedule a free in-home consultation.