February 8th, 2019
2019: The Year of Remodels
With the start of a new year, homeowners might find themselves wanting a change of scenery, starting with their home design. Home renovation projects are getting more popular whether done with or without a professional. Knowing the potential return on investment for these projects is crucial when deciding on the right course of action.
According to the National Association of Realtors® 2019 Remodeling Impact Report: DIY, 53 percent of home projects were completed by a professional and an increasing 47 percent of projects were completed by the homeowner. The report also shows that millenials, looking for more cost-effective options, are the most likely of any generation to take on a DIY project.
Many factors could contribute to homeowners deciding to complete a home improvement project themselves. Cost is an obvious factor, as hiring a professional could cost more than doing a project yourself. Interestingly, though, joy is also reported as a factor for why individuals choose to do the work without a pro.
According to NAR, homeowners reported a “Joy Score” of 9.9 for projects done themselves (Joy Scores range from 1 and 10, and higher figures indicate greater joy from the project). That is compared to a score of 9.6 for projects completed by professionals. DIYers also expressed a greater sense of accomplishment with a finished project, with 97 percent of respondents indicating a major or minor sense of accomplishment, compared to 93 percent of those who hired a professional.
As for projects with the best return of investment, Remodeling Magazine’s Cost vs. Value Report states that curb appeal projects often add to the overall value of the house more than interior projects. The project with the best return of investment this year, according to the Cost vs. Value report, was garage-door replacement. This project, according to the report, essentially pays for itself, earning you an impressive 97.5 percent of your money back.
Overall, the report found that in 2019, homeowners can expect to make back 66.1 percent of the money they spend on renovations. Other popular renovations that will see the most beneficial return are kitchen remodels, bathroom additions and remodels, and backyard patio projects.
If the new year is tempting you to complete some new home renovation projects, keep that possible return on investment in mind. When considering home improvement projects, DIY or professional, consult a trusted real estate professional. Real estate agents tour homes everyday where they see remodels, renovations, and tear downs first-hand and can help you decide what will be worth working on.
Need help finding a trusted real estate professional? At Helen Adams Realty, our agents are well equipped with vendor lists of contractors for every type of job. Contact our Referral Services Manager, Jordan Nelson, to find the perfect agent for your housing needs.