The cost of a home remodeling project and the estimated rate of the return can be known on a monetary scale, but what about measuring the emotional value gained for the homeowner for remodeling their home?

The National Association of Realtors and the National Association of the Remodeling Industry recently released a survey of over 4000 homeowners sharing the reasons why they had recently remodeled, and the impact of how much increased happiness they experienced after the remodeling project was completed. A Joy Score rating was developed on a scale of 1-10, with 10 being the most joy.

Overall, the survey found that the average Joy Score for having their home remodeled was 9.4. Most people felt very good about getting their home remodeling project done, and experienced a greater enjoyment of their home.

The top 4 reasons given for the question, What was the single most important result you wanted from remodeling their home, were:

  1. Better functionality and livability
  2. Durable and long-lasting results, materials, and appliances
  3. Beauty and aesthetics
  4. Adding more of the owner’s personality to the home

And what three home remodeling projects had some of the highest Joy Scores?

A bathroom addition had a perfect Joy Score of 10. Sixty-four percent reported that it made their home more livable and was easier to add features with a bathroom addition. The national median cost for a new bathroom addition, $50,000.

A complete kitchen renovation had a Joy Score of 9.8.  The top reason given for the complete kitchen remodel was to upgrade the materials and modernize. Ninety-three percent reported a major sense of accomplishment, 86% said they have an increased sense of enjoyment, and 90% said they want to be home more. The national median cost for a complete kitchen renovation, $60,000.

A new master suite remodeling project had a Joy Score of 9.7. The top reason given for doing the project is the homeowners wanted a more functional and livable master suite and it was time for a change. Eighty-eight reported they have a greater sense of enjoyment of their home and desire to be at home. The national median cost $112,500.

Of these three, REALTORS found a complete kitchen renovation had the highest estimated return on investment they were to sell the home, followed by a new master suite, and a bathroom addition.  But by the results of the survey, people enjoyed their home more than ever and were not even thinking about moving!

 

Walk in the ways of good men.  Proverbs 2:20

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