Deciding to work on your home is the beginning of an exciting time. Many homeowners have a list of projects that need to be completed, and it can become difficult to prioritize which items should be addressed first, and which can wait until another season or even another year.
When determining which parts of your home to repair or improve, it is important to consider how those changes might impact your home's value over time. One great tool that can help you plan the work on your home is the Cost vs. Value Report, an annual report issued by the National Association of the Remodeling Industry.
What Does the NARI Report Tell Homeowners?
The annual Cost. vs. Value Report outlines which home improvement projects bring homeowners the highest levels of satisfaction. The data that comprises the report is obtained from homeowners, realtors and certified NARI remodelers. It asks respondents about the motivation behind their home improvement projects, as well as how successful the project was and the increase in happiness that resulted once the project was complete.
The study also asks realtors about the types of home improvement projects that are most appealing to buyers. The responses vary over time, as certain types of home improvements go in and out of fashion. Finally, the NARI Report delves into how much of a project's cost a homeowner can expect to regain if the property sells. This is the number that homeowners are often most concerned about. You can read the report here.
Using the NARI Report to Guide Project Prioritization
Unless an individual is planning to sell his or her home immediately, it is important to make home improvement choices that factor in both the NARI information as well as the owner's personal tastes and goals. For example, if the report suggests that overhauling the bathroom is a good investment, but the homeowners feel strongly that the outdoor living space is a bigger priority, then the project that is likely to bring greater homeowners satisfaction should outrank one that might bring a higher sales price five years down the road.
Choosing the Best Use of Time and Money
Anyone who has gone through a major home renovation knows that the process of upgrading one's living space can be a challenge. In some cases, disruptions to a family's daily routines are unavoidable, at least for a short period of time. Having work done on one's home can also be expensive, even though a portion of that expense can be regained at the time the home is sold. By using the NARI to select projects with a high return on that investment, homeowners can go through the renovation process with the confidence that the outcome will ultimately benefit their interests.
Overall, the NARI report is a good tool for guiding homeowners toward projects that will both improve their home and reap a benefit when the time comes to sell. At Owens Construction, our team is here to assist you with any questions or concerns that you may have about the home renovation process, as well as provide pricing estimates for any size job. Call us today to learn more.