As Realtors®, we are often asked how much value a home upgrade or renovation will add to the overall worth of a client's home. The truth is, the return value of a home renovation is dependent on so many factors that it is impossible to assign a set dollar amount to an upgrade. If you're thinking about starting a home project, we are always happy to provide insight on what the upgrade will have on your home's current value. Whether you're planning on selling immediately after your renovation or staying in the home for a few years, don't hesitate to reach out to us for a complimentary market analysis.
With this in mind, we wanted to share The National Association of Realtors (NAR) recently released 2022 Remodeling Impact Report. In this report, the NAR takes a look into the reasons a homeowner remodels, the outcome of the projects, as well as the increased happiness found in a home once a project is completed. And since 2020 was a huge year in remodeling (it is estimated that Americans spent $420 billion on remodeling in that year alone), this year's report is especially interesting. You can view the entire report here. We have also included a summary of the results in the charts below (divided by interior and exterior upgrades, and detailing return on both investment and joy).