Some Home Improvements Give You Value, Others Give You Joy
It’s home improvement season, y’all! And just in time, the National Association of REALTORS® Research Group has released its 2022 Remodeling Impact Report.
The report takes a deep dive—58 pages—into 19 interior and exterior home improvements, their typical outcomes, and how much of the cost you could expect to recover if you were to sell your house.
The research was taken from 2020. It’s well-documented that America’s home improvement projects went through the roof that year, pun intended. Mind you, most people in the study (83%) said they would have done these renovations regardless of the pandemic. And 86% said that remodeling one area of their home made them want to remodel other areas of their home. Ain’t that always the way.
Here’s a sampling of home improvement projects along with how much of the cost you’d likely recoup and how much joy you’d get out of the project. Say, updating that garage door is looking pretty good.
The report reveals that 69% of homeowners are highly pleased with the results of their project. And if they had it to do all over again, 57% would do it exactly the same way. As for those who would not redo it exactly the same way, most report they’d only make minor changes.
While quite a few projects add more value than they cost, there's more to it than just money. Sure, you can recoup 100% of the cost of upgrading your insulation. But does new insulation bring you joy? It probably does when you get your electricity bill.
The real value of a project just may be found in its “joy score,” aka how much you want to dance a jig when the job is done. Check out all 19 projects—and their joy scores—right here.
Christy Rosen Clement is a Pricing Strategy Advisor®, Seller Representative Specialist®, Military Relocation Professional® and REALTOR® at Palermo Real Estate Professionals in South Tampa
