There are many reasons for remodeling and when completed you may have new fixtures and materials, but also more beauty, aesthetics, and a pinch of your own personality.  And to boot many remodels also increase the resale value!

Why do we remodel?

  • Upgrade worn-out surfaces, finishes, and materials
  • Add functionality and livability
  • Time for a change


Where do I get the most bang for my remodeling buck?

Kitchen

Homeowners said they had a greater sense of enjoyment and desire to be home after their kitchen remodel. Realtors found that upgraded kitchens sold faster than totally renovated ones, but the return value was about the same.

Why do we remodel?

  • Replace worn materials
  • Update or modernize

How did homeowners feel after the remodel?

  • 90% had a greater desire to be home
  • 86% had increased sense of enjoyment
  • 93% feel a major sense of accomplishment
Complete Kitchen Renovation
Complete Kitchen Upgrade
NARI cost estimate | $60,000
NARI cost estimate | $30,000
 REALTORS® cost estimate | $40,000
REALTORS® cost estimate | $20,000
Value recovered from renovation | 67%
Value recovered from upgrade | 67%

Bathroom


According to NARI the second area to consider renovating is the bathroom.   Some may consider the addition of a bathroom as well.  After the project was completed, homeowners were happy with the better functionality and livability. 

Why do we remodel?

  • Customize or modernize
  • Add new features
  • Replace worn surfaces, finishes, and materials
Bathroom Renovation
New Bathroom Addition
NARI cost estimate | $26,000
NARI cost estimation | $50,000
REALTORS® estimated cost recovered | $15,000
REALTORS® estimated cost recovered | $26,000
Value recovered | 58%
Value recovered | 52%

Flooring

Our floors take a real beating day in and day out. Homeowners may or may not be aware of the lackluster appearance their floors have. Others maybe ready to give their floors a customized look!

Why do we replace flooring?

  • Time for a change/new look
  • Surfaces and finishes are worn-out
  • Upgrade to a new flooring material

Were the homeowners satisfied with their renovation?

  • 23% were happy with the beauty and aesthetics
  • 24% impressed with functionality and livability
New Hardwood Flooring
Hardwood Flooring Refinishing
NARI cost estimation | $5,500
NARI cost estimate | $2,500
REALTORS® estimated recovered | $5,000
REALTORS® estimated recovered | $2,500
Percent recovered | 91%
Percent recovered | 100%

Master Bedroom

A decent amount of time is spent in the Master Bedroom and this room has become a sanctuary for many homeowners.  The Master Bedroom is a retreat and maintaining that feeling of serenity is key for many homeowners.  

Why do we  renovate the master bedroom? 

  • Add innovative features 
  • Improve livability
  • Time for a change

Were the homeowners satisfied with their renovation?

  • 88% had a greater desire to be home and an increased sense of enjoyment with he finished results
Master Bedroom Renovation

NARI cost estimate | $112,500

REALTORS® estimated cost recovered | $60,000

Percent recovered | 53%


Closet

With a closet renovation comes better organization and improved livability. As a result homeowners had an increased  sense of enjoyment when they were home.  73% of consumers said they would do a closet renovation to improve organization and storage.

Closet Renovation

NARI cost estimate | $3,500

REALTORS® estimated cost recovered | $2,000

Percent of value recovered | 57%


Air Conditioning and Heating (HVAC System)

52% of homeowners would replace HVAC to improve improve energy efficiency.  If your unit is aged, you may want to invest in a new one before it goes out at the height of summer temperatures.  

Many real estate  agents have suggested  that sellers replace HVAC before attempting to sell.  This investment could cinch a closure for them!  

Replace HVAC

NARI estimated cost | $7,000

REALTORS® estimated cost recovered | $5,000

Percent of value recovered | 71%

Source: 2015 Remodeling Impact Report | National Association of REALTORS® Research Department


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