Homeowners are Generally Happy with Renovation Projects
Home renovation projects make homeowners happy and feel a sense of accomplishment, according to a recent survey of the National Association of Realtors (NAR). The survey used a scoring system called “Joy Score” with 10 being the highest to determine what renovation project makes a homeowner happy in general.
Check out the interior and exterior home renovation projects that earned the highest Joy Scores from the 2019 Remodeling Impact Report.
Complete kitchen renovation: Joy Score 10
For many, kitchens are considered the “heart of the home”. Complete kitchen renovations gave “an increased sense of enjoyment” to 95% of respondents. Homeowners undertake kitchen renovations either because they want to replace old surfaces, or they have just moved into the house. NAR chief economist Lawrence Yu noted that for homeowners who remodeled their kitchens to their exact preferences, “they continually experience the satisfaction of a job well done”.
Closet renovation: Joy Score 10
Home closet renovation projects also earned the highest Joy Score because it is a part of the home that they encounter every start of the day. Most of the respondents (72%) experienced “a greater desire to be at home” after a project completion that makes their closet organized. Moreover, some 68% of the respondents said they “feel a major sense of accomplishment” after undertaking a closet renovation. Improved functionality and livability were an important reason why 56% of the respondents considered improving their closets.
Full interior paint job: Joy Score 9.8
According to the 88% of surveyed respondents, they have a greater desire to be home after giving their home a fresh lick of paint. Interior painting earned a relatively high Joy Score simply because homeowners immediately see its results as they enter the home. A completed painting project is a “major accomplishment for 86% of the respondents”.
Fiberglass front door installation: Joy Score 9.7
At least 79% of the respondents said “they have had a greater desire to be at home” after installing a new fiberglass front door. Fiberglass front door installation earned the highest Joy Score among other exterior renovation projects. Homeowners consider a fiberglass front door either to improve energy efficiency or just a replacement of the old fixture. After a completed fiberglass door installation, 69% of the respondents feel a major sense of accomplishment. On the other hand, 67% said they experience an increased sense of enjoyment.
Vinyl window installations: Joy Score 9.6
Installing new vinyl windows gave a “major sense of accomplishment” to 80% of surveyed respondents. Like fiberglass front door installation, homeowners consider installing vinyl windows either to improve energy efficiency or just a replacement of the old fixture. At least 64% of the respondents said the project completion made them want to be at home even more, while 63% said they “have an increased sense of enjoyment when they are home”.
Tapping home equity is an option to finance a home renovation project
Home renovations make homeowners generally happy and it increases its resale value. Most renovation projects cost several thousands of dollars. A complete kitchen renovation, for example, has an average cost of $68,000 according to the National Association of the Remodeling Industry or NARI.
As a homeowner, it’s normal if you find these renovation projects expensive especially if you’re dealing with other matters. However, if you want to have an increased sense of enjoyment or you want to increase the resale value of your home, you may want to tap your home equity through refinancing to finance a home renovation project. Get in touch with a professional loan advisor today to better learn your options.