Written By: Holli McCray
Earlier this month, the National Association of Realtors released a study called the 2022 Remodeling Impact Report. It’s a compilation of surveys completed in 2021 from various consumers and home remodelers all over the country. The focus of the report was to take a deep dive into the reasons homeowners remodel their homes, and the overall happiness that is achieved once a project is completed.
From the report…
“While most consumers (83 percent) cite they would have remodeled regardless of the pandemic, 86 percent of consumers report remodeling one area of their home made them want to then remodel other areas of their home”
“When consumers remodel, it is to upgrade worn-out surfaces, finishes, and materials (30 percent); to add features and improve livability (20 percent), and because it is time for a change (16 percent). Most consumers are pleased with the overall result and 57 percent would tackle the project the same way, while 35 percent would make a few different choices such as finishes or materials. After remodeling, 84 percent of owners have a greater desire to be in their home. Sixtynine percent have increased enjoyment in their home. Fifty-seven percent feel happy, and 39 percent feel satisfied when they see their completed project, with a typical Joy Score of 9.6. Sixty-nine percent feel a major sense of accomplishment when they think of their completed project.”
Key highlights from the study…
- Painting a home’s interior, adding a home office, installing hardwood flooring, and closet renovations all received a perfect “Joy Score” in the new NAR/NARI joint study.
- Eighty-three percent of consumers say they would have remodeled homes, regardless of the COVID-19 pandemic.
- The highest percentage cost recovered from a remodel job was from refinishing hardwood floors – 147%.
The 2022 study calculated a “Joy Score” for specific remodeling projects by having participants rank each project between 1 (least satisfying) and 10 (most satisfying).
Here are the top 10 “Joy Score” projects…
- Painting the entire interior of the home (Joy Score: 10)
- Painting one interior room (10)
- Adding a new home office (10)
- Hardwood flooring refinish (10)
- New wood flooring (10)
- Closet renovation (10)
- Insulation upgrade (10)
- Attic conversion to living area (10)
- Complete kitchen renovation (9.8)
- Kitchen upgrade (9.8)
The study also compiled how well homeowners were able to recoup their costs from various renovation projects.
Here are the top 10 “Cost Recovery” projects…
- Hardwood flooring refinish (147 percent cost recovery)
- New wood flooring (118 percent)
- Insulation upgrade (100 percent)
- Basement conversion to living area (86 percent)
- Closet renovation (83 percent)
- Attic conversion to living area (75 percent)
- Complete kitchen renovation (75 percent)
- Bathroom renovation (71 percent)
- Kitchen upgrade (67 percent)
- Add a new bathroom (63 percent)
If you’re thinking about making updates to your home, this report is an excellent tool to help you decide which projects you should pursue. We’re also available to provide staging and remodeling advice that makes sense for today’s real estate market. Don’t hesitate to reach out!