Remodeling Your Home? Check This Out First

Posted by Phil Boren on Sunday, October 6th, 2019 at 10:00am.

If you're thinking of remodeling your home, it can be a very rewarding - and even a fun project to tackle. It can also be disappointing in terms of your return on investment (ROI), so careful planning and market research is not a bad idea. One of the things we see fairly often in our market, is a home seller who has basically gone rogue and remodeled their home based solely on what they wanted. That wouldn't necessarily be a bad thing if money wasn't an issue; unfortunately, the ROI is something that they ask us about after the fact. In general, if you remodel a room or even your whole house and you plan to enjoy it for many years to come, then the financial return is probably much less of an issue for you. However, it's not uncommon for homeowners to spend money remodeling in hopes of selling the property sooner than later. It's the latter situation that we'll discuss here. Take a look at the following survey results regarding remodeling projects:

Remodeling Your Home

The above are the results of a recent survey by The National Association of Realtors®, published in the 2019 Remodeling Impact Report. This report analyzed 20 different home-improvement projects from the perspective of Realtors®, Consumers, and members of the National Association of the Remodeling Industry. The financial results are pretty self-explanatory, but you might ask, "what is the Joy Score?" What they tried to do was to separate results into two categories, 1) The percent of value recovered, and 2) The Joy Score, or how happy was the consumer after completing certain remodeling projects? This shows the top 3 results in both of those categories. Click below to see a full copy of the referenced 52-page report.

Remodeling Impact Report 2019

If you're considering remodeling your home, we hope that this information is helpful. If you would like to consult with us before you start a project and see how we believe the local real estate market will react once you're finished, feel free to contact us.

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Phil Boren
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