Myrtle Beach New Home Community NEWS |
Homeowners and renters remodel, redesign, and restructure their homes for a variety of reasons. This report takes a deep dive into why a homeowner remodels, the outcome of taking on projects, and the increased happiness in the home once a project is completed. It also contains:
• The top cost recovery for remodeling projects, as estimated by members of the National Association of the Remodeling Industry (NARI)
• The demand of each project is likely to have for buyers, according to REALTORS®
• How much REALTORS® estimate that homeowners can recover on the cost of the projects if they sell the home.
Americans spent an estimated $603 billion in 2024 on remodeling their homes. Among NARI members, 42 4 percent found a greater demand for contracting in remodeling work during the last two years. Fifty-seven percent of NARI members cited that the scale of the projects increased, resulting in either a larger project or the remodeling of more than one room in the last two years.
This matches what REALTORS® conveyed: 46% of home buyers are less willing to compromise on the condition of the home when purchasing.
To gather cost data, NARI members were informed that the home would be a 2,300 square foot house, which aligns with the average size according to U.S. Census data. The house is a post-1978 construction with no concealed problems. To ensure broad relevance, the projects and materials used represent standard or typical quality, with some projects incorporating "better quality" materials. However, there are no projects featuring top-of-the-line materials
REALTORS® provided an estimate of the likely dollar value each project would add to the house at resale. NAR calculated a Recovered Project Cost percentage by comparing that dollar value to the estimated cost of each project provided by NARI members. For example, the highest percentage cost recovered on a project was 100% for a new steel door, closet renovation was 83%, new fiberglass front door was 80%, new vinyl windows was 74%, complete kitchen renovation was at 60%, bathroom renovation was at 50%, etc. Please see the accompanying graphic for the complete list.
About the National Association of REALTORS®
As America’s largest trade association, the National Association of REALTORS® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
About the National Association of REALTORS® Research Group
The mission of the National Association of REALTORS® Research Group is to produce timely, data-driven market analysis and authoritative business intelligence to serve members and inform consumers, policymakers and the media in a professional and accessible manner.
About NARI
The mission of NARI is to equip remodelers nationwide with resources to succeed and build trust with consumers for Remodeling Done Right.
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