NAR: Remodeling reaps rewards for homeowners

by Kelly McCabe

Sometimes remodeling seems unnecessary, like a luxury that should be put on the back burner while you focus on home repairs and fees that can’t be ignored. However, a recent report from the National Association of Realtors shows that not only do homeowners enjoy their homes more after remodels, but they have more equity and get higher resale values for them when it comes time to sell.

The 2017 Remodeling Impact Report highlighted different types of remodeling projects and how they impact a home’s value. Inside a house, buyers are more likely to be attracted by remodeled and upgraded kitchens and bathrooms, as well as by new wood flooring, which recovers 100 percent of project costs upon resale. Outside a home, new roofing not only appeals to buyers most, but it recovers 109 percent of costs upon resale, according to NAR.

The report also shows that 75 percent of homeowners have a greater desire to be in their homes after a remodeling project, 65 percent enjoy their homes more and 77 percent feel a major sense of accomplishment. The survey questioned agents, consumers who have completed remodeling projects and members of the National Association of the Remodeling Industry.

“Realtors understand which remodeling projects and home upgrades will bring the most value to homeowners, whether they are remodeling with the hope of impressing potential buyers, bringing in higher offers or gaining more equity in the home,” said NAR President William E. Brown. “Realtors also understand that many of these projects are undertaken solely to get more enjoyment from spending time at home. No matter the objectives, Realtors have unique and invaluable insights into how renovations and remodeling will bring the most benefit to homeowners.”

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