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BCA MEMBER: Steve Lanefski, Executive Craftsman, Inc.
BCA CHAPTER: Fairfield County, CT
Why Remodeling Can Bring More Joy to a Home
Your home should always put a smile on your face and have an inviting vibe for every guest to enjoy.
As time goes on, the expected tenure of homeowners continues to increase, according to the most recent profile of Buyers and Sellers. In the past year, the expected tenure was 12 years – this year, it jumped up to 15 years. With tightened inventory in many markets, people are deciding to stay in their homes for a longer period of time. As a result of this, home remodeling one’s current home is becoming a more and more popular option for those that want their dream home, but are unwilling or are unable to move.
In 2017, The Remodeling Impact Report shows that remodeling can bring more enjoyment to a home, and certain projects have very high returns both in terms of joy that they bring to the homeowner, as well as the expenses that the owner can recoup once the home is actually sold. Our experts at Executive Craftsman have done some research and came up with some of the most popular homes remodel projects that will end up bringing more joy and recoup the most expenses for the homeowner that may come as a massive surprise.
Complete Kitchen Renovation
The number one project that people are having done is complete kitchen renovations. The most common reason for wanting a kitchen renovation is to increase the livability and functionality of a portion of the home where memories are made while both making and eating delicious food. According to The National Association of Realtors, when the project is completed, 91 percent of all respondents have both a greater desire to stay in their home and a greater sensation of enjoyment when they are inside their home. Overall, a kitchen renovation receives a perfect 10 out of 10 on the joy score and REALTORS estimate that $40,000 of the cost can be made up once the home is sold to someone else, approximately 62 percent of the estimated cost.
The second most popular project to have completed is a kitchen upgrade. Much like the complete kitchen renovation, upgrading worn-out surfaces, finishes, and materials are high up on the list to have the project completed. As a matter of fact, this is the NUMBER ONE reason at a staggering 42 percent. When this project is completed, 81 percent of people report having a greater desire to be in a home and feeling an overall feeling of accomplishment when they think about the project. Slightly less have an increased sense of enjoyment than the complete kitchen upgrade, but the numbers are still high at 76 percent, but the overall project score is 9.6 out of 10. $20,000 of the actual projects cost can be covered once the home is resold, which is 57 percent of the estimated cost.
The third project that we believe to be on this list is having a bathroom renovation completed in your home. 40 percent of people have this project done to increase both livability and functionality, while 38 percent want to upgrade worn-out surfaces, finishes, and materials. When the project is actually done, 78 percent of people feel a major sense of accomplishment when they reflect upon having the project completed. This very project rates 9.6 out of 10 on the joy score and it is estimated that $15,000 of the cost can be made up at resale, which is 50 percent of the estimated cost.
At Executive Craftsman, we believe that feeling joy and happiness while you are in your home is extremely important. Whether that is a bathroom renovation or a kitchen renovation, there are so many little things that can put a smile on your face. Your dream home may seem like just a figment of your imagination, however, we can bring it to life.