by Judy Stringer
Americans spent $420 billion in 2020 on home remodeling ventures, according to a new study released by the National Association of Realtors and the National Association of the Remodeling Industry.
The NAR/NARI report aimed to calculate consumers’ viewpoints toward their remodeling projects upon completion. Projects that made the renovators want to remain home or sparked an increase of enjoyment among occupants received a high “joy score,” with 10 being considered a perfect score. Some tasks awarded scores of 10 were: painting a home’s entire interior, painting one room, adding a home office, hardwood floor refinishing, closet renovation and insulation upgrades.
Kitchen upgrades were also popular among homeowners, receiving a 9.8 Joy Score. The top reason (32%) to take on a kitchen overhaul was the desire to upgrade worn out surfaces, finishes or martials. The second top reason (20%) was to add features and improve livability.
According to NARI Remodelers’ cost estimate, the average kitchen remodel would be about $45,000. Realtors estimated that $30,000 of that sum could be recovered in the home’s value, giving that remodel project a 67% recovery rate.
The highest percentage cost recovered was from refinishing hardwood floors at 147%. New wood flooring was at 118% and an insulation upgrade was at 100%. Among exterior projects, new roofing and a new garage door both recovered 100% of the project costs.
A report on the study can be found at nari.org. ∞