American homeowners spend over $400 billion annually on home, kitchen and bathroom remodeling, reports a study from Harvard’s Joint Center for Housing Studies. While these numbers are staggering, researchers have found an interesting trend among people who take on and finish renovation projects: they don’t necessarily do it for a return on investment.
According to the study, over three-quarters of property owners expressed a greater desire to stay in their newly renovated home, which indicates increasing the value of their home was not their main objective. Home renovations still add value, but they also increase happiness — and many people listed this as their #1 reason to complete their remodeling goals.
Most Popular Projects
In the same study, a full kitchen remodeling project ranked as the most requested project of 2019. This comes as no surprise since kitchens are the busiest and most-used room in most homes. Interestingly, minor kitchen upgrades, such as upgrading a sink or installing new countertops and appliances, ranked second, followed by heating and cooling upgrades. Additionally, a full kitchen renovation was also found to increase the value of a home the most.
Master Suite Upgrades
The study scored master bedroom renovations a high 8.4 out of 10 when it comes to bringing joy to homeowners. Over 30% of people surveyed undertook bedroom remodeling to improve livability and functionality, while almost 20% did it to give their old rooms a new lease on life.
Brand-New Baths
Bathroom renovations by professional home remodeling contractors scored high with a whopping 9.3 Joy Rating. The survey found that 70-80% of homeowners have “greater desire to be home since completing the project” and feel a “major sense of accomplishment when they think of the project.”
Design Your Dream Home With DreamMaker
Why do you want to renovate your home? Get inspired by visiting the design center at DreamMaker Bath & Kitchen of Central Texas, your leading home remodeling experts. Give us a call at (254) 262-0087 or fill out our contact form to start a conversation today. We serve homeowners in Waco, TX, and all nearby areas.
