Home Renovations Boost Joy and Resale Value, NAR Report Finds​

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The National Association of REALTORS®’ 2022 Remodeling Impact Report highlights the significant benefits of home renovations, emphasizing both homeowner satisfaction and potential increases in property value. The report assigns “Joy Scores” to various projects, reflecting homeowners’ happiness post-renovation. Notably, projects like adding a primary bedroom suite, upgrading the kitchen, and installing new roofing achieved perfect Joy Scores of 10. Additionally, refinishing hardwood floors stood out, recovering 147% of its cost at resale, indicating that certain renovations can offer substantial returns on investment.

The report also reveals that homeowners are motivated to remodel for various reasons: 27% aimed to upgrade worn-out surfaces, 19% sought to improve energy efficiency, and 18% planned to sell their homes within two years. Despite rising mortgage rates, 89% of consumers indicated that housing affordability did not influence their decision to remodel. Financially, 54% of homeowners financed their projects through home equity loans or lines of credit, 29% used savings, and 10% relied on credit cards. These insights underscore the dual benefits of remodeling: enhancing personal satisfaction and potentially increasing a home’s market value.

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