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Homeowners Reap Remodeling Benefits Whether Selling or Staying, Say Realtors®

Sunday, December 13, 2015   (0 Comments)
Posted by: Elizabeth Nicholas

Homeowners Reap Remodeling Benefits Whether Selling or Staying, Say Realtors® - National  Association of Realtors
December 9, 2015

"Realtors® know that certain home upgrades and remodels can be beneficial to get more buyer eyes on a property, potentially bring in more offers or gain more equity from a home," said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. "But remodeling projects are just as valuable to homeowners who simply want to get more joy out of their dwellings. Regardless of the situation, Realtors® know what remodeling projects bring the biggest bang for the buck and what projects are most likely to improve a homeowner's impression of their current place."

 NAR's 2015 Remodeling Impact Report Results:

Happiness certain projects bring once completed:
75% felt a major sense of accomplishment when thinking of their completed project
54% felt happy about the changes to their home
40% felt satisfied

Reasons to complete  remodeling project:
38% they wanted to upgrade worn-out surfaces, finishes and materials
17% wanted to add features and improve livability
13% believed it was time for a change

Realtors® named these interior projects that most appeal to potential buyers:
kitchen upgrades
complete kitchen renovations
bathroom renovations
new wood flooring 

Realtors® also ranked projects based on expected value at resale (without accounting for project price); the projects that ranked the highest in this category were:
complete kitchen renovations
kitchen upgrades
bathroom renovations
addition of a bathroom

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