Americans are crazy about renovations. Entire entertainment mediums are dedicated to our love of home improvement, like DIY Network and HGTV Magazine.
In the first ten months of October 2015 alone, Americans spent $326.1 billion on remodeling their homes. The big goals were to upgrade worn-out surfaces, finishes, and materials; add features and improve livability; and just because it was time for a change.
That’s according to a new report from the National Association of Realtors, the 2015 Remodeling Impact Report. It examined reasons homeowners tackle renovations, as well calculating a “joy score” from each project. The report also details Realtors’ opinions of home renos, how they add value to a property, and what projects are most likely to attract a buyer.
This report is the first of its kind from NAR, surveying Realtors, consumers, and members of the National Association of the Remodeling Industry.
“Realtors know that certain home upgrades and remodels can be beneficial to get more buyer eyes on a property, potentially bring in more offers or gain more equity from a home,” said NAR President Tom Salomone. “But remodeling projects are just as valuable to homeowners who simply want to get more joy out of their dwellings. Regardless of the situation, Realtors know what remodeling projects bring the biggest bang for the buck and what projects are most likely to improve a homeowner’s impression of their current place.”