The first “Remodeling Impact Report” from the National Association of Realtors and the National Association of the Remodeling Industry (NARI) surveyed agents and remodelers to determine the resale value and owner satisfaction of various remodeling projects.
The report shows which projects had the greatest cost recovery and calculated a “Joy Score” based on owners’ happiness with the results of their project. The project that rated high both in cost recovery and a high Joy Score was a new roof, which has a 105 percent recovery of the average $7,600 cost and a Joy Score of 9.6.
The five projects out of the 20 reviewed that had the greatest cost recovery, including the new roof, are refinishing hardwood flooring (100 percent cost recovery on $2,500), insulation upgrade (95 percent on $2,100), new wood floor (91 percent in $5,500) and a new garage door (87 percent on $2,300).
While the projects with the greatest cost recovery were all under $10,000, the renovations that provided the highest Joy Scores (10 being the highest) were more expensive. The top five interior projects ranked for Joy Scores include: adding a bathroom ($50,000, Joy Score of 10), a complete kitchen renovation ($60,000, Joy Score of 9.8), a new master suite ($112,500, Joy Score of 9.7), hardwood refinish ($2,500, Joy Score of 9.6) and new wood floor ($5,500, Joy Score of 9.5).
Among the exterior renovations, the top five ranked for Joy Scores besides the new roof include: new fiber-cement siding ($19,100, Joy Score of 10), new fiberglass front door ($2,500, Joy Score of 9.7), new steel front door ($2,000, Joy Score of 9.7) and a new garage door ($2,300, Joy Score of 9.5).
To see the full Remodeling Impact Report, visit www.realtor.org/reports/remodeling-impact-report.
Michele Lerner is a freelance writer. To pass on a tip or news item, contact us at email@example.com and put “Town Square” in the subject line.