Home Improvements That Add Value To Your Home

Enhancing Home Living: A Comprehensive Guide to

Remodeling in the United States
Homeowners in the United States have increasingly embraced remodeling projects to transform their living spaces. The 2022 Remodeling Impact Report, a collaborative effort by the National Association of Realtors® (NAR) and the National Association of the Remodeling Industry (NARI), sheds light on the motivations behind these renovations and their impact on home values.

Two key projects that gained prominence in 2022, compared to 2019, are refinishing or replacing flooring and adding a home office. Despite this shift, kitchen upgrades remain a popular choice, securing the third spot on the list. The report highlights that 83% of consumers expressed their intent to remodel irrespective of the pandemic. Interestingly, 86% reported that remodeling one area of their home inspired them to undertake additional renovations.

Projects That Bring Joy and Maximize Value are refinishing or replacing flooring, adding a home office, kitchen upgrades, insulation upgrades and new roofing and garage door. Refinishing hardwood floors emerged as a top project, receiving a perfect Joy Score of 10. Homeowners expressed significant happiness and satisfaction, with 64% reporting increased enjoyment and a major sense of accomplishment. This project also demonstrated the highest percentage cost recovery at 147%, enhancing a home’s aesthetic appeal and overall value.

Creating a home office also earned a perfect Joy Score, with 91% of homeowners expressing a greater desire to be at home. The increase in remote and hybrid work has influenced this trend, leading to the addition of functional home offices that contribute to a sense of enjoyment and productivity. Kitchen remodeling projects retained their popularity, garnering a Joy Score of 9.8. Motivations for kitchen overhauls included upgrading worn-out surfaces and improving livability.

While the average cost of a kitchen remodel is around $45,000, homeowners can expect to recover approximately $30,000 through increased home value, resulting in a recovery rate of 67%. Upgrading insulation offers a cost recovery of 100%, improving energy efficiency and reducing utility bills. This project makes homes more attractive to environmentally conscious buyers, addressing air quality concerns. Both new roofing and a new garage door also recover 100% of their project costs. These exterior upgrades enhance curb appeal and provide a sense of security, contributing to a home’s overall value.

Projects That Maintain Popularity

According to the 2019 Remodeling Impact Report several projects that continue to be popular choices among homeowners are closet renovations, full interior paint jobs, new fiberglass front door, and new vinyl windows.Revamping home closets proved highly satisfying, earning a perfect Joy Score of 10. Enhanced functionality, organization, and storage were key motivations for undertaking closet renovations. A complete interior paint job received a Joy Score of 9.8, with 88% of homeowners expressing a heightened desire to be at home after the project. The transformative effect of fresh paint contributes significantly to the overall appeal of a home. Installing a new fiberglass front door is a top-rated exterior project, earning a Joy Score of 9.7. Homeowners reported increased desire and enjoyment when spending time at home, along with a major sense of accomplishment. Replacing old windows with new vinyl ones received a remarkable Joy Score of 9.6. Improved functionality and energy efficiency were key outcomes, making this project valuable for homeowners.

Undertaking these home improvement projects not only brings joy and satisfaction but also enhances the value and livability of homes. Whether it’s upgrading insulation, installing a new roof, or revamping closets, homeowners can make informed decisions based on the impact on personal satisfaction and potential returns on investment. Remember if you are looking into financing projects then you need to choose a mortgage lender who is right for you and right for the job. Shop around also by word of mouth and the best deals out there.

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