How long DO YOU THINK typical homeowners remain in their homes? Based on the latest Profile of Home Buyers and Sellers Report compiled by the National Association of REALTORS®, the length of time a homeowner occupied their home jumped to 15 years in 2017 vs 12 years for 2016. Triggered by tightened inventory in many parts of the country, people ARE staying-put in their homes for a longer duration. As a result of this, remodeling has become an increasingly popular option for those who want their dream home BUT are unable to relocate.
The 2017 Remodeling Impact Report shows that remodeling can bring more enjoyment to a homeowner and that certain projects have higher ROI’s (returns on investment) then others, both in terms of the enjoyment they bring as well as on the return on the total cost of the project when the home is sold.
According to REALTOR® respondents, the #1 project that yields the most joy and recoups the highest ROI is a complete kitchen renovation. The TOP reason homeowners renovate the kitchen is for better functionality, according to 44% of respondents. When the project is completed, a reported 91% of respondents have both a greater desire to be at home and a greater sense of enjoyment when they are home. Overall, a complete kitchen renovation receives a 10 out of 10 Joy Score and REALTORS® estimate that homeowners recovered approximately 62% of the estimated cost at resale.
The 2nd most popular project is a kitchen upgrade. Like the complete kitchen renovation, upgrading worn-out surfaces, finishes and materials is high on the list of reasons to consider this project. When the project is completed, 81% report experiencing a greater desire to be at home and feeling a major sense of accomplishment when they think about the project. In comparison to the complete kitchen renovation, 76% had an increased sense of enjoyment when they were at home and the overall project carries a Joy Score of 9.6 out of 10. REALTORS® estimate that roughly 57% of the estimated cost can be recovered at resale.
The 3rd most popular project is a bathroom renovation. 40% undertake the project for better functionality, while 38% want to upgrade worn-out surfaces, finishes and materials. When the project is completed, 78% feel a major sense of accomplishment when they think about the project. This project has a Joy Score of 9.6 out of 10 and REALTORS® estimate that roughly 50% of the estimated cost can be recovered upon resale.
Thinking of buying or selling a home in the Spring Hill, Brooksville, Weeki Wachee and Hernando Beach areas of Hernando County, Florida? Visit us TODAY at www.GailSellsFloridaHomes.com to explore our state-of-the-art, MLS Map Search Feature.
Be sure to check out our next BLOG post on February 8th
Until then… it’s all about YOU!