Qualified Remodeler Magazine

JAN 2016

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

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SURVEY OF CONSUMERS WHO'VE COMPLETED REMODELING PROJECTS: In September, homeownership site HouseLogic.com surveyed consumers about the last remodeling project they undertook. A total of 4,079 respondents took the survey. Joy Score was calculated by combining the share who were happy and those who were satisfied when seeing their completed project and dividing the share by 10 to create a ranking between 1 and 10. Higher Joy Scores indicate greater joy from the project. U.S. HOUSEHOLD FAC TS: In August, September and October 2015 a sample of U.S. households was sur- veyed via random-digit dial, including cell phones and land lines. The survey sample was drawn from a representative panel of U.S. households monitored and maintained by an established survey research firm. Each month 900 qual- ified households responded to the survey. In the report, if U.S. households are referred to, it is in reference to this survey. NAR AND NARI COST SURVEY: In September 2015, NARI emailed a cost survey to its 4,277 members. A total of 480 responses were received. The survey had an adjusted response rate of 11.2 percent. The following assumptions were asked to be taken into consideration: "For each project, please assume the house in good condition. There are no surprises that will impact the cost. Additionally: Generally, assume a 2,450-sq.- ft. house is the average size according to U.S. Census data. The house is a post- 1978-built home with no hidden issues. To ensure the most applicability, proj- ects and materials represent standard or typical quality; a few projects feature "better-quality" materials. But there are no top-of-the-line projects." METHODOLOGY New Roofng CONSUMER S' VIE WPOINT AF TER COMPLETING THE PROJEC T: ¡ ¡ Top reason for doing the project: to upgrade worn-out surfaces, finishes and materials — 77 percent. ¡ ¡ Second most common reason: to improve energy efficiency — 10 percent. ¡ ¡ Most important result: durable and long- lasting results and materials — 50 percent. ¡ ¡ Sixty-one percent of homeowners have a greater desire to be home since completing the project and 34 percent have an increased sense and 66 percent have the same level of enjoyment when they are at home, and 62 percent have a major sense of accomplishment when they think of the project. ¡ ¡ J OY S C O R E: 9.6 ¡ ¡ Forty-five percent of REALTORS® have suggested sellers add new roofing before attempting to sell, and 32 percent said the project most recently helped cinch a deal for them, resulting in a closed sale. ¡ ¡ If a U.S. household had $25,000 to update or remodel, 9 percent say they would do a new roof first. COST RECOV ERY: ¡ ¡ NARI Remodelers' cost estimate: $7,600. ¡ ¡ REALTORS®' estimated cost recovered: $8,000. ¡ ¡ Percent of value recovered from the project: 105 percent. Insulation Upgrade CONSUMER S' VIE WPOINT AF TER COMPLETING THE PROJEC T: ¡ ¡ Top reason for doing the project: to improve energy efficiency — 71 percent. ¡ ¡ Se cond most common reason: to upgrade worn-out surfaces, finishes and materials — 13 percent. ¡ ¡ Most important result: better energy efficiency — 30 percent. ¡ ¡ Sixty-one percent of homeowners have a greater desire to be home since completing the project, 30 percent have an increased, 65 percent have the same sense of enjoyment when they are at home, and 61 percent have a major sense of accomplishment when they think of the project. ¡ ¡ J OY S C O R E: 8.7 ¡ ¡ Five percent of REALTORS® have suggested sellers complete an insulation upgrade before attempting to sell, and only 1 percent said the project most recently helped cinch a deal for them, resulting in a closed sale. COST RECOVERY: ¡ ¡ NARI Remodelers' cost estimate: $2,100. ¡ ¡ REALTORS®' estimated cost recovered: $2,000. ¡ ¡ Percent of value recovered from the project: 95 percent. Hardwood Flooring Refnish CONSUMER S' VIE WPOINT AF TER COMPLETING THE PROJEC T: ¡ ¡ Top reason for doing the project: to upgrade worn-out surfaces, finishes and materials — 40 percent. ¡ ¡ Second most common reason: recently moved into home and wanted to customize it — 25 percent. ¡ ¡ Most important result: beauty and aesthetics — 23 percent. ¡ ¡ Eighty-two percent of homeowners have a greater desire to be home since completing the project, 67 percent have an increased sense of enjoyment when they are at home, and 76 percent have a major sense of accomplishment when they think of the project. ¡ ¡ J OY S C O R E: 9.6 ¡ ¡ Thirty-nine percent of REALTORS® have suggested sellers refinish their hardwood floors before attempting to sell, and 5 percent said the project most recently helped cinch a deal for them, resulting in a closed sale. ¡ ¡ If a U.S. household had $25,000 to update or remodel, 6 percent say they would do a new flooring first. COST RECOV ERY: ¡ ¡ NARI Remodelers' cost estimate: $2,500. ¡ ¡ REALTORS®' estimated cost recovered: $2,500. ¡ ¡ Percent of value recovered from the project: 100 percent. N A RI COS T M EDI A N $7,600 $8,000 N A R VA LU E M EDI A N N A RI COS T M EDI A N $2,500 $2,500 N A R VA LU E M EDI A N N A RI COS T M EDI A N N A R VA LU E M EDI A N $2,100 $2,000 QualifiedRemodeler.com QR January 2016 23

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