When it comes time to sell a home, most homeowners will do some remodeling and improve upon things to make the home more desirable to potential buyers. Recently remodeled homes often get sold for higher prices than homes that haven’t been touched in a while, but according to data from the National Association of Realtors®, which took a look at the reasons homeowners choose to remodel their homes and the increase in satisfaction they feel after completing certain home-improvement projects, remodeling is a worthwhile investment for homeowners who plan to stay put as well.
The research found that 64 percent of homeowners felt an increased sense of enjoyment being in their home after finishing a remodeling project. When it comes to why they took on the project in the first place, it was found that:
- 17 percent wanted to add new features to improve quality of life within the home.
- 38 percent wanted to improve upon features that were broken or worn out.
- 13 percent simply felt it was time for a change.
The most popular renovation projects included kitchen upgrades and renovations, bathroom remodels and having new flooring put in. When it comes to increasing the value of the home for resale and covering the cost of the renovation itself, replacing the flooring finishes proved to offer the most bang for your buck. It was found that 100 percent of the costs for installing new floor finishing were earned back upon resale. Other smart options included replacing the insulation, which earned back 95 percent of the costs, and converting a basement into a living space, which recovered 69 percent of the costs.
The bottom line is that remodeling is almost always a good investment, provided that the homeowners can comfortably afford it.