In 2020, Americans spent $420 billion remodeling their homes, according to a new report by The National Association of REALTORS (NAR) and The National Association of the Remodeling Industry (NARI.) They remodeled to upgrade outdated worn-out surfaces, finishes and materials (30%), add features and improve livability (20%), and just enjoy a change (16%.) While most consumers (83% of those surveyed) said they would have remodeled regardless of the pandemic, most found that they were happy with the results (57%), satisfied (39%), and felt a sense of accomplishment (69%).
Homeowners reported that the best results from remodeling were better functionality and livability (35%), durability (22%), and beauty (14%). A whopping 84% of homeowners said they enjoyed their homes more than before they remodeled. Although most projects were completed with standard quality fixtures and materials, and some with better-quality installations, NAR and NARI calculated the consumers’ typical “Joy Score” at 9.6 out of a possible 10.
So which renovations brought the most joy to homeowners? Interior projects that received a perfect Joy Score of 10 include: painting entire interior of the home, painting one room of the home add a new home office, hardwood flooring refinish, new wood flooring, a closet renovation, insulation upgrade, and attic conversion to living area, said the report. Scoring 9.8 were complete kitchen remodels and partial kitchen upgrades. A basement conversion to a living area scored a 9.7, and a bathroom renovation scored a 9.6. Adding a new laundry area and a new master bedroom earned a 9.5.