A larger number of homeowners are taking on renovation and remodeling projects with the intention of living in the new spaces rather than trying to create more sale value for their home. A report published by the National Association of Realtors® (NAR) and the National Association of the Remodeling Industry (NARI) suggests the number of homeowners renovating to sell is decreasing amid record levels of remodeling activity.
The 2019 Remodeling Impact Report, which included responses from more than 5,000 consumers, Realtors and remodeling experts, revealed that 74% of homeowners “have a greater desire” to stay in their homes after a remodeling project. Another 65% said they experienced “increased enjoyment” and 77% felt “a major sense of accomplishment.”
“Realtors and homeowners alike recognize the value of taking on a major home remodeling project,” NAR President John Smaby said in a press release. “While these tasks can be time consuming and costly, the projects are well worth the temporary inconveniences, as this report shows, and the final products ultimately reward us, with feelings of accomplishment, satisfaction and higher homes values.”
Homeowners consistently gave kitchen renovations a score of 10, with 93% of homeowners saying a newly-renovated kitchen gave them “a greater desire” to be at home. Improving functionality and livability was the top reason for a renovation (46%), followed by the need to replace old surfaces and finishes (24%), and the desire to customize the kitchen to their needs after recently moving in (20%).
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