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.
Issue link: https://qualifiedremodeler.epubxp.com/i/623311
Basement Conversion to Living Area CONSUMER S' VIE WPOINT AF TER COMPLETING THE PROJEC T: ¡ ¡ Top reason for doing the project: to add features/improve livability — 44 percent. ¡ ¡ Second most common reason: to upgrade worn-out surfaces, finishes and materials — 16 percent. ¡ ¡ Most important result: better function and livability — 49 percent. ¡ ¡ Seventy-eight percent said they have a greater desire to be home since completing the project, 63 percent have an increased sense of enjoyment when they are at home, and 75 percent have a major sense of accomplishment when they think of the project. ¡ ¡ J OY S C O R E: 9.4 ¡ ¡ Eight percent of REALTORS® have suggested sellers convert a basement to a living area before attempting to sell, but only 2 percent said the project most recently helped cinch a deal for them, resulting in a closed sale. ¡ ¡ Among all U.S. households, 4 percent cited the basement as giving them the most enjoyment in their home. ¡ ¡ If a U.S. household had $25,000 to update or remodel, 4 percent say they would do a basement refinish first. COST RECOV ERY: ¡ ¡ NARI Remodelers' cost estimate: $36,000. ¡ ¡ REALTORS®' estimated cost recovered: $25,000. ¡ ¡ Percent of value recovered from the project: 69 percent. N A RI COS T M EDI A N $36,000 $25,000 N A R VA LU E M EDI A N Complete Kitchen Renovation CONSUMER S' VIE WPOINT AF TER COMPLETING THE PROJEC T: ¡ ¡ Top reason for doing the project: to upgrade worn-out surfaces, finishes and materials — 35 percent. ¡ ¡ Second most common reason: to modernize — 19 percent. ¡ ¡ Most important result: better function and livability — 49 percent. ¡ ¡ Ninety percent said they have a greater desire to be home since completing the project, 86 percent have an increased sense of enjoyment when they are at home, and 93 percent feel a major sense of accomplishment when they think of the project. ¡ ¡ J OY S C O R E: 9.8 ¡ ¡ Seventeen percent of REALTORS® have suggested sellers complete a complete kitchen remodel before attempting to sell, and 12 percent said the project most recently helped cinch a deal for them, resulting in a closed sale. ¡ ¡ Among all U.S. households, 11 percent cited the kitchen as giving them the most enjoyment in their home. ¡ ¡ If a U.S. household had $25,000 to update or remodel, 24 percent of respondents say they would do a kitchen remodel first. COST RECOV ERY: ¡ ¡ NARI Remodelers' cost estimate: $60,000. ¡ ¡ REALTORS®' estimated cost recovered: $40,000. ¡ ¡ Percent of value recovered from the project: 67 percent. N A RI COS T M EDI A N $60,000 $40,000 N A R VA LU E M EDI A N HVAC Replacement CONSUMER S' VIE WPOINT AF TER COMPLETING THE PROJEC T: ¡ ¡ Top reason for doing the project: to improve energy efficiency — 52 percent. ¡ ¡ Second most common reason: to upgrade worn-out surfaces, finishes and materials — 28 percent. ¡ ¡ Most important result: better function and livability — 37 percent. ¡ ¡ Fifty-seven percent of homeowners have a greater desire to be home since completing the project, 59 percent have an increased sense of enjoyment when they are at home, and 55 percent have a major sense of accomplishment when they think of the project. ¡ ¡ J OY S C O R E: 8.6 ¡ ¡ Nineteen percent of REALTORS® have suggested sellers replace their HVAC before attempting to sell, and 6 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, 3 percent say they would do a air conditioning/ heating/HVAC replacement first. COST RECOV ERY: ¡ ¡ NARI Remodelers' cost estimate: $7,000. ¡ ¡ REALTORS®' estimated cost recovered: $5,000. ¡ ¡ Percent of value recovered from the project: 71 percent. N A RI COS T M EDI A N $7,000 $5,000 N A R VA LU E M EDI A N EXCLUSIVE: REALTORS ® Remodeling Impact Report 26 January 2016 QR QualifiedRemodeler.com