By Rey Post, Associate Broker, Sotheby’s International Realty &
Host of the “All Things Real Estate” Radio Show
May 6, 2018
My real estate recommendation this week, relates to advances that have been made in home remodeling and how they can improve the day-to-day livability of your own residence, as well as enhance its monetary value.
The National Association of RealtorsÒ (NAR) reminds us that May is National Home Remodeling Month, a time of the year when many homeowners may daydream about sprucing up their home to gain equity, resale value or simply find more enjoyment from their property.
According to the NAR, many homeowners find the idea of a remodeling project too overwhelming to take on. In fact, 35 percent of homeowners in the U.S. said they would rather move than remodel their current home.
Yet, after completing a remodeling project, 75 percent of homeowners said they have a greater desire to be in their home; 65 percent say they have increased enjoyment in their home; and 77 percent feel a major sense of accomplishment when thinking of their completed project, according to NAR’s 2017 Remodeling Impact Report.
As Realtors we understand how remodeling a home can benefit the homeowner looking to sell, whether by impressing potential future buyers, increasing the number of offers or growing equity in the home. Interior projects, such as kitchen renovations, hardwood floor refinishing and insulation upgrades, often yield the largest financial returns for homeowners.
As an associate broker of real estate at Sotheby’s International Realty, I have also seen that some homeowners who undertake these projects, get more enjoyment from spending time at home.
Here are just three remodeling projects that scored high in offering the greatest happiness from a completed project:
1) Added bathroom: The desire to improve livability, especially as a family grows, often leads to home renovation projects. According to the survey, 6 out of 10 homeowners said they have a greater desire to be home since adding a new bathroom, and nearly 80 percent of owners feel a major sense of accomplishment when they think of their project.
2) Complete kitchen renovation: One of the most used rooms in the home, consumers oftentimes draw up their plans for renovating their kitchen first. Ninety percent of consumers have a greater desire to be home since renovating their kitchen, and the top reason for the renovation was to upgrade worn-out surfaces, finishes and materials.
3) Closet renovation: A dream renovation for many consumers, renovating a closet to improve organization and storage was the top reason for 50 percent of homeowners who flipped their closet. Seventy-one percent of homeowners have a greater desire to be home since completing their closet project and 65 percent have an increased sense of enjoyment when they are home.
So, my recommendation this week, is to use the advancements offered via contemporary home remodeling techniques, to not only bring greater value to your residence, but also to enjoy it more as the place you call “home.”
For more information, please tune in to the “All Things Real Estate” radio show, which airs every Sunday (12-2pm Mountain Time). Go to the “Listen Now” link at our website homepage to hear the program: ATREradio.com.