With the low number of houses for sale in Denver, many homeowners who might have downsized are staying put. As a result, they often look at their surroundings with one thought in mind: If we aren’t going anywhere, why not renovate?
Why not indeed! Not only can renovations add value to your home when you finally decide to sell, but it will enhance your enjoyment of the remaining time you spend there.
Recently, the National Association of Realtors (NAR) attempted to quantify that sense of joy in its “2017 Remodeling Impact” report. The report sums up the results of a survey looking at what renovations yield the best results, both in terms of satisfaction and return on investment.
Their conclusion? “The projects that yield the most joy and recoup the most expenses might come as a surprise.”
Here’s a roundup:
Kitchen renovation: This is the most popular project among homeowners. “The top reason homeowners renovate the kitchen is for better functionality and livability, according to 44% of respondents,” notes NAR. Once the project is complete, 91% report having a greater desire to be home and a greater sense of enjoyment when they’re there. Overall, Joy Score: 10 (out of 10). Estimated recoup of cost: $40,000, or 62% of the full cost.
Kitchen upgrade: If you can’t tear out everything and start over, an upgrade can be nearly as satisfying. This would include changing out counters and other worn-out surfaces, upgrading appliances and more. Once done, 81% report a greater desire to be home and 76% have an increased sense of enjoyment when home. Overall Joy Score: 9.6. Estimated recoup of cost: $20,000, or 57% of the full cost.
Bathroom renovation: Out with the old fixtures, sinks, counters and tile, in with the new. All of this can give a person pride and, yes, joy. Once the project is complete, 78% “feel a major sense of accomplishment when they think of the project.” Overall Joy Score: 9.6. Estimated recoup of cost: $15,000, or 50% of the project.