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.

Issue link: https://qualifiedremodeler.epubxp.com/i/623311

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Page 24 of 70

their completed project with a typical Joy Score of 9.4. Seventy-fve percent feel a major sense of accomplishment when they think of their completed project. Tirty-four percent of owners report the single most important result from remodeling is better functionality and livability; 17 percent report durable and long-lasting results, materials and appliances; 15 percent beauty and aesthetics; and 15 percent say the change added more of the owner's personality to the house. Tirty-eight percent of the owners did the project themselves, 28 percent hired a professional for all of the job, and 20 percent hired the labor but purchased the materials. Tirteen percent contributed some DIY labor. Te report covers both interior and exterior home im- provement projects. Tis report provides a cost recovery estimate for representative remodeling projects. Te ac- tual cost of each remodeling project and cost recovery are infuenced by many factors including project design, quality of materials, location, age, and condition of the home and homeowner preferences. | omeowners and renters remodel, redesign and restructure their home for a variety of reasons. Tis report takes a deep dive into the reasons for remodeling, the success of taking on projects, and the increased happiness found in the home once a proj- ect is completed. It also contains: ¡ ¡ Te typical cost of 20 remodeling and replacement projects, as estimated by members of the National Association of the Remodeling Industry (NARI). ¡ ¡ How much appeal each project is likely to have for buyers, according to REALTORS®. ¡ ¡ How much REALTORS® estimate that homeowners can recover on the cost of the projects if they sell the home. Taking on projects is often very worth the investment and time. After remodeling, 74 percent of owners have a greater desire to be in their home. Sixty-four percent have increased enjoyment in their home. Fifty-four percent feel happy, and 40 percent feel satisfed when they see Projects with Payof The National Association of Realtors and NARI teamed up to present a new and improved cost-and-value analysis of the nation's remodeling projects. Edited by Qualified Remodeler Staff Patrick O'Toole, Kacey Larsen and Laurie Banyay Research by HouseLogic.com, The National Association of Realtors and The National Association of the Remodeling Industry The Holy Grail in the relationship between a remodeler and their clients is cost and value. Pivotal questions are: Will the resulting project deliver customer joy? What will the project cost? And, in the end, what will be the dollar value of that project to a prospective buyer of the property sometime down the road? The National Association of Realtors has been in the business of assigning value to remodeling projects for decades. It is a big part of what their membership does everyday in pricing existing houses. In this exclusive report from the research department at National Association of Realtors, a group of 20 popular remod- eling and home improvement projects is given scores from consumers in terms of their joy on having completed such a project. Next, working with the National Association of the Remodeling Industry, they determined the median cost of those projects. And finally, Realtors from around the country have assigned value to each type of project. The result is a tour de force of data gathering, an analysis not found before in one place in the same combination. — THE EDITORS H EXCLUSIVE: REALTORS ® Remodeling Impact Report 22 January 2016 QR QualifiedRemodeler.com

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