Highlights from the 2015 Remodeling Impact Report

Homeowners remodel their homes many different reasons—necessity, personal enjoyment, to increase home value, and so forth. A new report from the National Association of Realtors® takes a close look into people’s reasons for remodeling, the success of different home projects, typical costs of remodeling projects, the appeal each project is likely to have for buyers, and how much of the cost homeowners can expect to recover when they sell. 

Here are a few highlights from the NAR study: 

  • 35% of U.S. homeowners would rather move to another home than remodel their current home.
  • 55% of suburban area homeowners, 52% of urban area homeowners, and 70% of rural area homeowners say they would be willing to remodel their homes.
  • Common reasons homeowners choose to remodel include: to upgrades worn-out surface, finishes, and materials (38%), to add features and improve livability (17%), because it’s time for a change (13%).
  • After remodeling, 74% of owners have a greater desire to be in their home.
  • REALTORS® ranked the following interior projects as having the highest appeal to buyers: kitchen upgrades, complete kitchen renovations, bathroom renovations, and new wood flooring.
  • REALTORS® ranked the following interior projects as having the most value at resale (without accounting for project price): complete kitchen renovation, kitchen upgrade, bathroom renovation, and adding a new bathroom.
  • REALTORS® ranked the following interior projects as yielding the biggest financial results upon resale: hardwood flooring re-finishes (100% of project cost recovered upon resale), insulation upgrades (95% of project cost recovered), new wood flooring (91% of project cost recovered), and converting a basement to a living area (69% of project cost recovered).
  • REALTORS® ranked the following exterior projects as having the highest appeal to buyers: new roofing, new vinyl windows, new garage door, and new vinyl siding.
  • REALTORS® ranked the following exterior projects as having the most value at resale (both considering project price and disregarding project price): new roofing, new vinyl windows, new garage door, and new vinyl siding.

 Remodeling Impact Survey 2015: Highlights

 Click here to read the 2015 Remodeling Impact Report in full.