Many home buyers have ideas for renovations even before they close… and home sellers often have a list of projects they plan to complete before they list their home for sale. According to a recent survey by the National Association of Realtors (NAR), 77% of homeowners felt a major source of accomplishment after completing a home remodeling project. But there are some projects completed more for return-on-investment than joy.
According to a recent article in Realtor Magazine, the 3 top return-on-investment projects this year were: new roofing (107% ROI), new hardwood floors (106% ROI) and refinished hardwood floors (100% ROI).
However, highest return-on-investment doesn’t necessarily translate to bringing the most joy. NAR calculated a “joy score” for each home remodeling project studied, giving a rating from 1 to 10 based on homeowners’ overall perceived happiness with their renovations.
The three home improvement projects that made homeowners the happiest were…
1. Kitchen renovation – Joy Score 10
93% of home owners said they had a greater desire to be at home since the completion of their kitchen remodel. Kitchens serve as the ‘heart of the home’ for many, and when it is renovated to support how they live it can lead to great satisfaction, whether it is large or small.
2. Closet renovation – Joy Score 10
Closets can be a source of frustration… improving functionality and livability can lead to instantly happier homeowners.
3. Full interior paint job – Joy Score 9.8
A fresh coat of paint can not only do wonders for improving the look of a home… it can also improve the mood of those living there. Living with colors that are harmonious with your psyche can have a profound effect on how you feel about living in your home.
Don’t wait until you are ready to sell to make home improvements… over and over again, I hear sellers say they wish they had made improvements long ago, when they could enjoy the renovations themselves!
