Remodeling That Sparks Joy and Recoups Costs

According to data released in the 2022 Remodeling Impact Report, homeowners and families were quick to renovate their living spaces this past year, with varying degrees of overall satisfaction and cost recuperation. 

The study, released by the National Association of Realtors® (NAR) and the National Association of the Remodeling Industry (NARI), looked at why people decide to remodel, the general costs of specific remodeling tasks and the fulfillment experienced after a successful project has been completed. Many homeowners surveyed were driven to undertake a project due to the pandemic, either to increase living space, improve functionality in the home, or create a more enjoyable environment.

The report states that Americans spent $420 billion in 2020 on home remodeling ventures. Ninety percent of NARI members cited greater demand for contracting remodeling work during the course of the pandemic and 60 percent said the scale of the projects grew into larger projects during the course of work.

The report also calculated consumers' feelings toward their projects upon completion. Projects that made the renovators want to remain home, or remodel jobs that sparked an increase of enjoyment among occupants, received a high Joy Score, with 10 being considered a perfect Joy Score. Some tasks that were awarded scores of 10 were as follows: painting a home's entire interior, painting one room, adding a home office, hardwood floor refinishing, closet renovation, and insulation upgrades, among other labors.

Hardwood floor refinishing received a 10 Joy Score because the homeowners felt happiness and satisfaction in their home after undertaking the upgrade. Sixty-four percent of those polled answered that they have an increased sense of enjoyment when they are at home now that their hardwood flooring is installed. Another 64 percent said just thinking about the completed project gives them a "major sense of accomplishment."

Adding a new home office is another task that earned a perfect Joy Score based on homeowners' sentiments. Ninety-one percent of consumers said they have a greater desire to be home now that their office is in place. Seventy-three percent said they have an increased sense of enjoyment when they are home.

The report also examined numerous remodeling tasks and provided a cost recovery estimate for the projects. The genuine cost of each remodeling project and cost recovery are influenced by many factors, including project design, quality of materials, location, age and condition of the home, and homeowner preferences.

For interior projects, the highest percentage cost recovered was from refinishing hardwood floors at 147 percent. New wood flooring was at 118 percent, and an insulation upgrade was at 100 percent. Among exterior projects, new roofing and a new garage door both recovered 100 percent of the project costs.

If a remodeling project is in your future, know that great contractors are in high demand and material costs are more expensive due to supply chain issues related to COVID. Be prepared to be patient, but remember that an upgrade to your home is an investment and a great result is worth waiting for.
Bob O’Donnell is the owner of O’Donnell Bros. Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro.” All questions may be considered for publication. To contact Bob for your remodeling needs, call O’Donnell Bros. Inc. at (860) 589-5155 or visit http://www.odonnellbros.com. Advice is for guidance only.