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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Attic 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 — 50 percent. ¡ ¡ Se cond most common reason: to improve energy efficiency — 13 percent. ¡ ¡ Most important result: better function and livability — 38 percent. ¡ ¡ Seventy-nine percent said they have a greater desire to be home since completing the project, 41 percent have an increased sense of enjoyment, and 78 percent have a major sense of accomplishment when they think of the project. ¡ ¡ J OY S C O R E: 9.4 ¡ ¡ Only 2 percent of REALTORS® have suggested sellers convert an attic to a living area before attempting to sell, and only 1 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 attic as giving them the most enjoyment in their home. COST RECOV ERY: ¡ ¡ NARI Remodelers' cost estimate: $65,000. ¡ ¡ REALTORS®' estimated cost recovered: $40,000. ¡ ¡ Percent of value recovered from the project: 61 percent. N A RI COS T M EDI A N $65,000 $40,000 N A R VA LU E M EDI A N New Fiberglass Front Door CONSUMER S' VIE WPOINT AF TER COMPLETING THE PROJEC T: ¡ ¡ Top reason for doing adding a new front door (steel or fiberglass): to upgrade worn-out surfaces, finishes and materials — 40 percent. ¡ ¡ Second most common reason: to improve energy efficiency — 27 percent. ¡ ¡ Most important result: better function and livability — 24 percent. ¡ ¡ Fifty-three 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 61 percent feel a major sense of accomplishment when they think of the project. ¡ ¡ J OY S C O R E: 9.7 ¡ ¡ Just 7 percent of REALTORS® have suggested sellers add a new fiberglass front door before attempting to sell, and less than 1 percent said the project most recently helped cinch a deal for them, resulting in a closed sale. COST RECOV ERY: ¡ ¡ NARI Remodelers' cost estimate: $2,500. ¡ ¡ REALTORS®' estimated cost recovered: $1,500. ¡ ¡ Percent of value recovered from the project: 60 percent. N A RI COS T M EDI A N $2,500 $1,500 N A R VA LU E M EDI A N Kitchen Upgrade CONSUMER S' VIE WPOINT AF TER COMPLETING THE PROJEC T: ¡ ¡ Top reason for doing the project: to upgrade worn-out surfaces, finishes and materials — 36 percent. ¡ ¡ Second most common reason: to modernize — 19 percent. ¡ ¡ Most important result: better function and livability — 28 percent. ¡ ¡ Eighty-two percent said they have a greater desire to be home since completing the project, and 75 percent have an increased sense of enjoyment when they are at home. ¡ ¡ J OY S C O R E: 9.4 ¡ ¡ Fifty-seven percent of REALTORS® have suggested sellers complete a kitchen upgrade before attempting to sell, and 25 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: $30,000. ¡ ¡ REALTORS®' estimated cost recovered: $20,000. ¡ ¡ Percent of value recovered from the project: 67 percent. N A RI COS T M EDI A N $30,000 $20,000 N A R VA LU E M EDI A N Bathroom 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 — 49 percent. ¡ ¡ Second most common reason: to modernize — 16 percent. ¡ ¡ Most important result: better function and livability — 39 percent. ¡ ¡ Sixty-two percent said they have a greater desire to be home since completing the project, 58 percent have an increased sense of enjoyment when they are at home, and 73 percent feel a major sense of accomplishment when they think of the project. ¡ ¡ J OY S C O R E: 9.3 ¡ ¡ Forty-five percent of REALTORS® have suggested sellers complete a bathroom renovation before attempting to sell, but only 6 percent said the project most recently helped cinch a deal for them, resulting in a closed sale. ¡ ¡ Among all U.S. households, only 1 percent cited the bathroom as giving them the most enjoyment in their home. ¡ ¡ If a U.S. household had $25,000 to update or remodel, 9 percent say they would do a bathroom remodel first. COST RECOV ERY: ¡ ¡ NARI Remodelers' cost estimate: $26,000. ¡ ¡ REALTORS®' estimated cost recovered: $15,000. ¡ ¡ Percent of value recovered from the project: 58 percent. N A RI COS T M EDI A N $26,000 $15,000 N A R VA LU E M EDI A N QualifiedRemodeler.com QR January 2016 27

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