Remodeling Impact Report
Return on Investment
Can’t move right now, and can't see yourself staying? Consider a kitchen renovation, bathroom remodel, basement finishing, or new exterior doors and windows ---but do not start work until you have estimates and call me to see if it's a good investment. I will provide a comparable market analysis to include recent sales of similar properties, your homes current condition before improvements are made, and consider the plan for renovations, and show your areas home sale market. You don't want to be the most expensive home in your neighborhood, especially if you are planning on selling within the next 5-10 years.
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| Dave Fox Home Remodel and Additions at work |
Homeowners and renters remodel, redesign, and restructure their homes for a variety of reasons. This report takes a deep dive into the reasons a homeowner remodels, the outcome of taking on projects, and the increased happiness found in the home once a project is completed. It also contains:
- The typical cost of 19 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.
Connie serves all of Central Ohio including Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway, and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry, and Ross counties.
Contact Connie Sadowski, Realtor with questions 614-943-0025 Search homes ConnieSadowski.com
Here are some other great resources to consider:
7 Affordable DIY Home Projects to Increase a Home’s Value Do it yourself projects like deep cleaning flooring, a fresh coat of paint, new tile or backsplash in the kitchen, upgraded outlets and fixtures, lawncare, and smart home tech can offer great ROI.
Cost vs Value 2023: Best ROI on Home Improvements in One Chart (FIXr, Apr. 18, 2023) Includes “an original graphic that clearly shows all the projects included in the report, along with their associated costs, recouped value, and ROI percentage.”
Cost vs. Value (Remodeling, 2023) This site compares average costs for 22 remodeling projects with the value those projects retain at resale in 150 U.S. markets.
2022 Remodeling Impact Report (National Association of REALTORS®, Apr. 2022)
Home Improvement Tips
Smart Budgeting Tips: Prioritizing Your Home Improvement Project (Henderson Properties, Apr. 2023)
- Establish your priorities
- Research the costs
- Secure financing
- Set your timeline and budget
- Find contractors or plan to DIY
- Handle setbacks
BBB Tip: Home Improvement Scams (Better Business Bureau®, Mar. 30, 2023)
Watch out for red flags, ask for references and check them out, and know the law before you hire a contractor.
Got Half-Done Home Improvement Projects? Here’s Why and How to Finally Finish the Job (realtor.com®, Mar. 20, 2022)
How to evaluate potential projects and plan ahead of time to get them completed.
18 Renovation Apps to Know for Your Next Project (Curbed, May 20, 2020)Apps are available to help with planning, design, professional tips, and provide DIY tools.
Remodeling Statistics and Trends
Continued Easing of Remodeling Declines Expected into 2025 (Joint Center for Housing Studies of Harvard University, Apr. 18, 2024)
Annual expenditures for improvements and repairs to owner-occupied homes are projected to decrease this year and into the first quarter of 2025, but at a moderating rate, according to the Leading Indicator of Remodeling Activity (LIRA) released [April 18, 2024] by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA projects that annual owner spending for home renovations and maintenance will decline by over 7 percent in the third quarter of this year before easing to just -2.6 percent through the first quarter of 2025.
Home Improvement Industry Trends 2024 (Consumer Affairs, Mar. 28, 2024)
"Despite the uptick in spending and remodeling work, renovations and repairs remain costly for many homeowners. A 2022 ConsumerAffairs survey of 1,078 homeowners found that 92% had outstanding repairs on their to-do list, and 86% said they were waiting on repairs for financial reasons.
"Current indicators also point to a slowdown in the growth of the national home improvement and repair industry. Spending on residential improvements and repairs is forecast to shrink in 2024 for the first time since 2010, according to the Leading Indicator of Remodeling Activity."
Home Renovation Facts and Statistics (2024) (Architectural Digest, Aug. 7, 2023)
“According to the Joint Center for Housing Centers of Harvard University (JCHS), home improvement project spending increased from $328 billion in 2019 to $472 billion in 2022, with an estimated 2024 spending of $485 billion. This article will explore the latest industry reports and findings on how home renovation has evolved, statistics for the most popular projects, and the future of residential investments.”
Leading Indicator of Remodeling Activity (LIRA) (Joint Center for Housing Studies of Harvard University)
“The Leading Indicator of Remodeling Activity (LIRA) provides a short-term outlook of national home improvement and repair spending to owner-occupied homes. The indicator, measured as an annual rate-of-change of its components, is designed to project the annual rate of change in spending for the current quarter and subsequent four quarters, and is intended to help identify future turning points in the business cycle of the home improvement and repair industry. Produced quarterly since 2007, the LIRA is released by the Remodeling Futures Program at the Center in the third week after each quarter's closing.”
NAHB/Westlake Royal Remodeling Market Index (RMI) (National Association of REALTORS® of Home Builders, Apr. 11, 2024)
The NAHB/Westlake Royal Remodeling Market Index (RMI) is based on a quarterly survey of NAHB remodeler members that provides insight on current market conditions as well as future indicators for the remodeling market.
Remodeling Web Sites
One of the premier home and family sites on the web which includes a page dedicated to decorating tips and more.
The source for the best do-it-yourself tips for home renovations.
Joint Center for Housing Studies
JCHS website has information and research on housing market, demographic, and social trends.
realtor.com® has information on technology, tips, safety and remodeling tools.
National Association of the Remodeling Industry
Consumers can find remodeling tips, how to find a qualified contractor, frequently asked questions, and much more.
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
Bathroom Remodeling For Dummies (eBook)
Be a Successful Remodeling Contractor (eBook)
The Complete Book of Home Inspection (eBook)
The Complete Idiot’s Guide to Green Building and Remodeling (eBook)
Green Remodeling (eBook)
How to Increase the Value of your Home (eBook)
Remodeled Homes (eBook)
Trips & Traps When Renovating Your Home (eBook)
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
No Regrets Remodeling: How to Create a Comfortable, Healthy Home That Saves Energy (Berkeley, CA: Energy Auditor & Retrofitter, Inc., 2013) TJ163.5.D86 N6
Not So Big Remodeling: Tailoring Your Home for the Way You Really Live (Taunton Press, 2009) TH 4816 Su8
Renovate to Riches (Hoboken, NJ: Wiley, 2004) HF 5438 D88
Improve the Value of Your Home up to $100,000 (Hoboken, NJ: Wiley, 2003) TH 3401 Ir9i
Remodeling Your Home: An Insider's Guide (Washington, DC: Home Builder Press, 1996) TH 4816 N21r
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