2019 Remodeling Impact Report Now Available

The National Association of the Remodeling Industry (NARI) announces the release of the 2019 Remodeling Impact Report, created in joint partnership with the National Association of Realtors® (NAR) on October 3, 2019. The report analyzes 20 different types of remodeling projects based on feedback from owners regarding their joy factor, Realtors® with respect to cost recovery at resale, and from NARI members regarding remodeling project fees.

Remodeling Increases Homeowner Satisfaction

After completing a remodeling project, 74% of owners have a greater desire to be in their home, 65% say they experience an increased enjoyment, and 77% convey a major sense of accomplishment when thinking of their completed project, according to the survey. Additionally, 58% state a feeling of happiness when they see their completed projects, while 38% say they have a feeling of satisfaction.
 
Some of the most impactful projects include kitchen and bathroom remodeling projects. Incorporating universal design and updating with accessibility adds comfort and safety and increases the likelihood of homeowners aging-in-place.
 
“Updating the kitchen to include universal design, and with accessibility in mind, creates not only a safer space but also ensures greater access and use as homeowners age,” said NARI 2019-2020 President of the Board, Robert Kirsic, CKBR (Certified Kitchen and Bath Remodeler), owner of Timeline Renovations, a New York City Design Build remodeling firm. “No matter the size of the kitchen, a certified professional can guide the design and build process to yield homeowner joy and happiness.”

Joy Score Calculates Happiness

NAR 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. 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. Exterior jobs with the highest Joy Scores were new fiberglass or steel front doors, new vinyl and wood windows, and new roofing.
 
“Realtors® and homeowners alike recognize the value of taking on a major home remodeling project,” said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. “While these tasks can be time consuming and costly, the report’s findings show that these projects are well worth the temporary inconveniences and they ultimately reward us, whether the reward be a feeling of accomplishment and satisfaction, or simply greater home value.”
 
Many cities and markets continue to have a shortage of inventory causing more homeowners to consider remodeling their existing home versus moving up or downsizing.
 
“The NAR report shows us that people often remodel for resale purposes, but it also reminds us that homeowners remodel, too, with the desire to make a home their own,” said Lawrence Yun, NAR chief economist.

Kitchen Renovation

A complete kitchen renovation received a top Joy Score of 10. Ninety-three percent of those polled said since the completion of their kitchen, they have a greater desire to be at home, and 95% said they have an increased sense of enjoyment when at home.
 
“The kitchen is a space homeowners frequent regularly, throughout the course of the day,” Yun noted. “So when that area is remodeled to owners’ exact preferences – as they enter and exit the room – they continually experience the satisfaction of a job well done.”    
 
The most important result of the kitchen redo was better 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% answered that they had recently moved into their home and had a desire to customize the kitchen to their particular tastes.
 
The report also identifies other interior and exterior projects that add home equity and increased homeowner happiness. Curb appeal and entry-related projects such as new windows and front door scored high as well.
 
When it comes to remodeling projects – both big and small – hiring a qualified, professional remodeler is paramount.
 
“Home remodeling projects may have varying levels of complexity, especially if structural adjustments are required. Using a trusted, professional remodeler for remodeling projects paves the way for a successful outcome,” noted NARI CEO, David R. Pekel, MCR, UDCP, CAPS. “NARI members adhere to our Code of Ethics and work to design the best solution for homeowners and deliver satisfaction.”
 
Find additional homeowner resources and remodeling best practices at NARI’s homeowner website, www.remodelingdoneright.com.
 

About the Survey

In March and June 2019, NARI emailed a cost survey to its 4,400 members. A total of 378 responses were received. The survey had an adjusted response rate of 11.6%. Respondents were asked to consider certain parameters.

In June and July of 2019, homeownership site HouseLogic.com surveyed consumers regarding the last remodeling project they undertook. A total of 2,193 respondents took the online survey. The Joy Score was calculated by combining the share who were happy and those who were satisfied when seeing their completed project and dividing the share by 10 to create a ranking between 1 and 10. Higher Joy Scores indicate greater joy from the project.

In July 2019, NAR emailed an interior remodeling project survey to a random sample of 52,491 members. A total of 2,485 responses were received. The survey had an adjusted response rate of 4.7%, (see report for full methodology).
 

| 10/3/2019 9:00:00 AM | 152 comments
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