HIGHLIGHTS FROM THE STUDY:
- Painting a home’s interior, adding a home office, installing hardwood flooring, and closet renovations all received a perfect “Joy Score” in the new NAR/NARI joint study.
- 83% of consumers say they would have remodeled, regardless of the COVID-19 pandemic.
86% reported that remodeling one area of their home then inspired them to remodel other areas of the house.
- The highest percentage cost recovered from a remodel job was from refinishing hardwood floors | 147%.
- 35% of owners said the single most important result from their remodel was better functionality and livability.
- 35% hired a professional for their entire project.
- 28% reported that they hired someone for the labor but purchased the necessary materials.
- 22% of homeowners did the full project themselves, from start to finish.
- The average kitchen remodel would be about $45,000. Realtors® estimated that $30,000 of that sum could be recovered as a result of the renovation. That would be a 67% recovery rate.
To read the full report click here.