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Are you considering a home renovation project?
A new study from the National Association of Realtors and the National Association of the Remodeling Industry has found that painting, adding a home office, and new hardwood floors are among the renovations that brought homeowners the most joy in the past year. With Americans spending $420 billion in 2020 on home remodeling, it’s important to know not only which projects will bring you the most satisfaction, but also which projects offer the best return on investment. In this post, we’ll break down the top renovation projects according to joy and cost recovery, as well as how the pandemic affected home improvement decisions. So, whether you’re looking to increase your home’s value or simply want to freshen up your living space, read on to find out which projects are worth your time and money.
According to the 2022 Remodeling Impact Report, painting, adding a home office, and new hardwood floors were among the top renovations that brought homeowners the most satisfaction in the past year. The report also found that Americans spent $420 billion in 2020 on home remodeling, showing the significant impact that the pandemic had on home improvement decisions.
One of the key findings of the report was that homeowners tend to undertake remodeling projects for a variety of reasons. Some were content with sprucing up a room with a simple paint job, while others decided to take on the task of renovating an entire attic or basement to add additional living space to their home. The report also found that the pandemic inspired many homeowners to remodel more than one room in their home, with 86% of surveyed homeowners stating that remodeling one area of their home led to inspiration for other areas as well.
Remodeling Projects that bring the Homeowner Joy
Another important aspect of the report is the cost recovery percentages of various remodeling projects. The report found that there was overlap between the top 10 most joyful projects and the top 10 projects in terms of cost recovery. For example, hardwood flooring refinish had a cost recovery percentage of 147%, while new wood flooring had a cost recovery percentage of 118%. These figures are important for homeowners to consider when planning a remodeling project as they provide insight into the likely return on investment. The report also cautioned that the actual cost of a remodeling project and cost recovery depend on project design, quality of materials, and the location of the property.
ROI for Interior Repairs
