With the cost and competition for home buying at historically high levels, many homeowners are opting to remodel their current home to better meet their needs.
Remodeling can add value to your home in both intrinsic and monetary measures. Over a couple of articles, we’ll look at each of these metrics. Today we’ll start with the sheer joy of it – the intrinsic value of bringing pleasure to the resident homeowner. This has been named the “Joy Score” in a joint study from the National Association of Realtors (NAR) and the National Association of the Remodeling Industry (NARI) – the 2022 Remodeling Impact Report.
The study shows that homeowners embark on remodeling projects for a number of reasons – from fixing up and replacing outdated surfaces for improved aesthetics – reported by 14% – to making the floor plan better suit the resident’s functional and livability needs – noted by 35% of homeowners.