Lorri Molnar, Realtor

Earning your trust for over 40 years! Dublin, Hilliard, Worthington & Central Ohio Real Estate.

614.496.4012
  • Home
  • Search ALL Property for Sale
    • My Listings
  • For Buyers
  • For Sellers
  • Over 50?
  • Communities
    • Columbus
    • Delaware
    • Dublin
    • Powell
    • Hilliard
    • Westerville
    • Worthington
  • Contact Lorri
    • About Lorri
    • Testimonials
    • Newsletter Sign Up
  • Blog
    • Buyer Information
    • Seller Information
    • Community News
      • Columbus
      • Delaware
      • Dublin
      • Hilliard
      • Powell
      • Westerville
      • Worthington
    • Real Estate Market
      • Central Ohio News
      • National News
    • Real Estate for Seniors

Home Improvement Joy – Ohioans Increase Spending

April 15, 2020 by Lorri Molnar

Home Improvement Joy - Ohioans Increase Spending

According to The Columbus Dispatch, citing a Harvard University study, homeowners in Ohio continue to increase the amount of money they spend on home renovations every year. We can attribute increased spending to a steady rise in home equity, and other factors such as job growth. Most experts say the average complete home renovation costs between $40,000 and $60,000. An average dollar amount for a kitchen make-over is $17,000, while bathroom remodeling is on average worth approximately $11,000. Ohioans continue to spend 10% more each year for their renovations, while the country spends over $400 billion dollars annually.

Upgrading homes provides homeowners with a sense of joy, improved equity, and usually means they want to spend more time in their homes. If you are considering remodeling, here are the top four ways in which realtors analyze and rank remodeling projects:

  1. Appeal to buyers. A complete kitchen renovation fits into this classification.
  2. Expected value at resale. While kitchen renovations are at the top of the list, HVAC replacement and master suites complete it.
  3. The “Joy Score”. To put this in perspective, a figure (out of 10) is how happy homeowners were with their renovations.
  4. The dollar value at resale. The likely dollar value of a renovation at resale considers several variables and is calculated according to a Recovered Cost percentage of money spent. 

Please read on for a more complete picture of the statistics, and for access to the Remodeling Impact Survey.

Home Improvement Joy

By Elyse Umlauf-Garneau

What home improvement projects bring the greatest joy to homeowners and the best return on their investment? 

The 2019 Remodeling Impact Report has answers. 

The report, from the  National Association of Realtors®, with insights from the National Association of the Remodeling Industry, looked at interior and exterior remodeling projects to determine a cost recovery estimate for representative remodeling projects and how much joy a given project brings to homeowners.

The interior projects that received Joy Scores of 10 – the top possible number – were complete kitchen renovation, closet renovation, full interior and individual room paint, kitchen upgrade, and basement conversion to a living area.

REALTOR® rank of projects’ likely value to the home for resale

(highest to lowest)

  1. Complete Kitchen Renovation
  2. Kitchen Upgrade
  3. HVAC Replacement
  4. New Master Suite/Owner’s Suite
  5. Bathroom Renovation
  6. Basement Conversion to Living Area
  7. Add New Bathroom
  8. Add New Bathroom
  9. New Wood Flooring
  10. Hardwood Flooring Refinish
  11. Attic Conversion to Living Area
  12. Insulation Upgrade
  13. Closet Renovation

Filed Under: Lifestyle, Seller Information Tagged With: features that add value, Home Improvement, Ohio, projects that add value

Contact Lorri

Keller Williams Capital Partners Realtor
100 E. Wilson Bridge Rd.,
Worthington, OH 43085
Call: 614.496.4012
Contact Lorri
Lorri Molnar realitor MSL
100 E Wilson Bridge Rd, Worthington, OH 43085
Tel: 614.496.4012

Follow Us on FacebookFollow Us on Google+Follow Us on LinkedInFollow Us on FlickrFollow Us on YouTube

Copyright © 2022 · AgentPress Pro Theme on Genesis Framework · WordPress · Log in

Each office independently owned & operated.
© 2002-2018 Lorri Molnar | Design & Content by CyberCletch LLC