Homeowners typically will weigh the cost of a home renovation project against the value it will add to their house. But the pleasure of enjoying a new kitchen or bathroom should be considered, too, according to a new report from the National Association of Realtors (NAR), with insights from the National Remodeling Industry.
Let’s look at the kitchen renovation, for example. A little over 60 percent of the cost of a major kitchen remodel is recouped by the homeowner, according to the NAR report. But, the project earns the top score for the joy it brought homeowners, a perfect 10!
The 2019 Remodeling Impact Report examined 20 renovation projects and ranked them according to how happy homeowners were with their renovations. The study also measured return on investment. The top three projects with the highest “joy score” were kitchen renovation, closet renovation, and a full interior paint job. Renovations with the greatest return on investment were new roofing, new hardwood floors, and refinished hardwood floors.
So, should you tackle projects that will make you happy or ones that will add the most value to your home? Here are three factors to consider:
Should you do it? Back to our kitchen renovation example: what I’m seeing in the marketplace is buyers who are looking for HGTV-ready kitchens that are modern and beautiful, and also highly functional with state-of-the-art appliances, attractive light fixtures, and new hardwood floors. What’s more, today’s lifestyles center around the kitchen. It’s understandable that a completely renovated kitchen brings homeowners joy, and from my experience, an updated, sparkling kitchen can help seal the deal when it comes to selling your house.
My advice? Talk to your realtor about the local market. Balance your immediate desires with the big picture. Choose remodeling projects wisely. Avoid lavish lighting and ornamental wall finishes that are on trend today but may be out of date in a few years. The cost of highly personalized additions such as a children’s theatre, elaborate home gym with rock climbing wall, or indoor hot tub may never be recouped. In addition, steer clear of custom finishes. A large nautical star in your entryway floor may appeal to the boat lover in you, but not to a potential buyer with Western ranch on his mind.
If you’re planning to stay in your house for a very long time, and remodeling will enhance your enjoyment of your home, it may make sense to follow your gut on renovation projects. But ROI should always be a consideration. And remember, it’s not a one-size-fits all model. I’d be happy to help you evaluate your potential projects, and to talk to you about what’s selling in the Rye and Westchester real estate market.
For more information, call Fiona Dogan at 914-414-5147 or email her at Fiona.firstname.lastname@example.org
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Let Fiona help you sell or find your dream home. Contact Fiona at 914-414-5147 or email her directly.