Certain home remodeling projects are making homeowners happier and proving to be well worth the cost and time when they sell their properties, according to a new survey from the National Association of REALTORS. “REALTORS® and homeowners alike recognize the value of taking on a major home remodeling project,” says NAR President John Smaby. “While these tasks can be time-consuming and costly, the projects are well worth the temporary inconveniences, as this report shows, and the final products ultimately reward us with feelings of accomplishment, satisfaction, and higher home values.” NAR calculated a “joy score” for each home remodeling project studied. The score, a scale from one to 10, is based on homeowners’ overall perceived happiness with their renovations. The higher the joy score for the project, the more homeowners felt satisfaction from it. Some of the highest joy scores for interior projects centered on complete kitchen renovations, closet renovations, full interior and interior room paint jobs, kitchen upgrades, and basement conversions to living areas.
Kitchen renovation: Joy score: 10
Ninety-three percent of consumers said they had a greater desire to be at home since the completion of their kitchen remodel. “The kitchen is a space that homeowners frequent regularly throughout the course of the day, so when the area is remodeled to owners’ exact preferences, they continually experience the satisfaction of a job well done.”
Closet renovation: Joy score: 10
Upgrading home closets also made for instantly happier homeowners. Sixty-eight percent of consumers surveyed say they feel a major sense of accomplishment when they think about a completed closet renovation project.
Full interior paint job: Joy score: 9.8
A fresh coat of paint can do wonders for improving the look of a house—but it also improves the mood of those living there. Eighty-eight percent of respondents reported a greater desire to be home since having their home freshly painted.
New fiberglass front door: Joy score: 9.7
The installation of fiberglass front doors can also help for resale and happiness, the survey found. Seventy-nine percent of respondents said that they’ve had a greater desire to be home, thanks to their new front door.
New vinyl windows: Joy score: 9.6
The happiness around new windows mostly comes from the result of improved functionality and livability. Forty-seven percent of respondents said they were motivated to update their windows to improve their home’s energy efficiency.
Overall, the top remodeling projects for recovering costs at resale were from new roofing, hardwood floor refinishing, and new hardwood floor installation.
NARI remodelers say that homeowners spend on average about $7,500 for new roofing, but real estate pros estimate that sellers will recover $8,000 at resale—an estimated 107% of the value recovered. On new wood flooring, the average cost homeowners spend on an update is $4,700, but a 106% potential return is possible at resale (real estate pros estimate $5,000).
