Homeowners and renters remodel, redesign, and restructure their home for a variety of reasons. This report takes a deep dive into the reasons for remodeling, the success of taking on projects, and the increased happiness found in the home once a project is completed. It also contains:
The typical cost of 20 remodeling and replacement projects, as estimated by members of the National Association of the Remodeling Industry (NARI)
How much appeal each project is likely to have for buyers, according to REALTORS®
How much REALTORS®estimate that homeowners can recover on the cost of the projects if they sell the home.
Americans spent $340 billion on remodelingin 2015.1 However, many find the idea of taking on a remodeling project too overwhelming to attempt. Thirty-five percent of U.S. homeowners would rather move to another home than remodel their current home. Fifty-five percent of owners in suburban areas and 52 percent of owners in urban areas say they would be willing to remodel their home. This jumps to 70 percent for owners in rural areas.
When consumers remodel, it is to upgrade worn-out surfaces, finishes, and materials (35 percent);to add features and improve livability (16 percent); and because it is time for a change (13 percent).
Access the NARS 2017 Remodeling Impact Report HERE.
Article courtesy of National Association of Realtors
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Amanda Eckart, Lic. RE Associate Broker
Celebrate Your Home Team of Keller Williams Realty Homes & Estates