Remodeling – Goals and Joys
Homeowners embarking on a home improvement remodeling project, generally have one major goal in mind – a happy ending.
The National Association of Realtors recently took a deep dive into the reasons for remodeling. Reviewing this document, it is clear the success of taking on projects to improve one’s home brings great increased happiness found in the home once a project is completed. Our research shows New Mexico homeowners are interested in why so many American homeowners decide to remodel, thereby improving their homes, and what projects are most gratifying.
Americans spend $400 billion annually on remodeling their homes, (Harvard’s Joint Center for Housing Studies, 2019) however, many find the idea of taking on a remodeling project too overwhelming to go for a total DYI (Do it yourself) attempt, according to the report.
Over fifty percent of owners in suburban areas and owners in urban areas say they would be willing to remodel their home. This jumps to 70% for owners in rural areas.
The 2019 Remodeling Impact Report, (https://www.nar.realtor/research-and-statistics/research-reports/remodeling-impact) an examination of 20 projects, surveyed real estate agents, consumers who have taken on home renovation projects and members of the National Association of the Remodeling Industry.
The National Association of Realtors calculated what it refers to as a “Joy Score” for each project. The score is based on the happiness homeowners reported with their renovations. The more pleased with a given project, the better the Joy Score, with the highest possible score being 10.
Taking on projects is, more often than not, worth the investment and time. The following statistics provide real insight into how Americans feel after completing a home remodeling improvement project:
- After remodeling, 74 percent of owners have a greater desire to be in their home.
- Sixty-five percent have increased enjoyment in their home.
- Fifty-eight percent feel happy and,
- 38% feel satisfied when they see their completed project with a typical Joy Score of 9.6.
- 77% feel a major sense of accomplishment when they think of their completed project.
- 32 % of owners report the single most important result from remodeling is better functionality and livability,
- Thirty-six percent of the owners surveyed did their project themselves
- 35% hired a professional to handle all of the job,
- 14% hired the labor but purchased the materials.
- 12% contributed some do-it-yourself labor.
Interior projects that received some of the higher Joy Scores are complete kitchen renovations, closet renovations, full interior and individual room paint jobs, kitchen upgrades and basement conversions to living areas.
A complete kitchen renovation received a top Joy Score of 10. 93 percent of those polled said they have a greater desire to be at home since the completion of their kitchen, and 95% said they have an increased sense of enjoyment when at home.
The most important result of a kitchen renovation is improved functionality and livability, according to 46% of those polled. As to the reasons why they decided to take on the project, 24% say they wanted to upgrade worn-out surfaces and materials. Another 20% report they had recently moved into their home and had a desire to customize the kitchen to their particular tastes.
“The kitchen is the space homeowners frequent more than any other, throughout the course of the day,” said Steve Appolloni, owner of Euro Fe Remodeling, located in Albuquerque, New Mexico. “So when that area is remodeled to a homeowners’ exact preferences – as they enter and exit the room – they continually experience the satisfaction of a job well done. The key is doing the job right! ”
Completing a full interior paint job in the home scored a 9.8 Joy Score. A finished paint job is usually visible in every room in a home, which speaks to how important a task this is to respondents. A vast majority, 88%, say they have a greater desire to be home since having their home freshly painted. Eighty-six percent report feeling a major sense of accomplishment when they think of the project.
Upgrading home closets was another task that received a 10 Joy Score. Steve Appolloni says, “This is due in part to the inconvenience of a disorganized closet, which is something homeowners encounter daily, often at the start of their day. When a closet renovation is finished, the sense of achievement is immediate.”
Given the fact that we all are staying home these days, some sixty-eight percent of those surveyed say they feel a major sense of accomplishment when they think about the completed project and 72% report having a greater desire to be at home since finishing the job.
New vinyl windows received a 9.6 score, and 42% of those surveyed say the most important result is improved functionality and livability. As for the top reasons for doing the job, 47% say they had a desire to improve their home’s energy efficiency, and 23% say they wanted to upgrade worn-out surfaces, finishes and materials.
Chase Home Lending also conducted a survey on home improvement called “Sweat Equity: A Homeowner’s Most Valuable Resource.” The study found that the majority of homeowners surveyed expect to make improvements to their property in the next year to build the value of their homes.
Eight in 10 respondents anticipate taking on a home improvement project. More than 70% of homeowners plan to do at least some of the work themselves, though some may tap into professional remodelers to complete most of the job. Why? Too much
Chase also looked at how much homeowners were setting aside for renovations. The survey found that 58% projected spending up to $15,000 on a project, 26% foresee projects of $15,000 to $30,000, and 21% are aiming higher, expecting to spend at least $35,000.
Homeowners who decide to undergo a home improvement remodeling project, whether it be interior or exterior modifications, often find that the task was worth the investment and time, according to the National Association of Realtors study.
After completing a remodeling project, 74% of owners have a greater desire to be in their home, 65% say they experience increased enjoyment and 77% feel a major sense of accomplishment. Additionally, 58% report a feeling of happiness when they see their completed projects, while 38% say they have a feeling of satisfaction.
“Solid reasons to improve your home, no matter what you do!” says Steve Appolloni, “Homeowners these days are a lot more sophisticated than they used to be, they’ve been diong their homework.” They know the difference between a remodeling job and a band aid. So whatever you do, do it the best you can. “Get it Right The Second Time.”
When working with a local client, the wife insisted that her husband put together a plan before starting their kitchen. They called Steve and he explained that planning is the only place to cut costs, and get the desired results. The husband said, “I think I get it now, I’ve remodeled our bathroom three times.”