What’s the Return on Happiness for Exterior Remodeling Projects?
Have you ever wondered if the benefits of your remodeling project will outweigh the cost and effort? New research has found that homeowners who take on remodeling projects gain not only on the value of their home but also in happiness according to a 2017 report from the National Association of Realtors (NAR) and with help from the National Association of the Remodeling Industry (NARI).
The survey analyzed the responses of more than 2,000 homeowners who had recently completed home renovation projects and assigned each project a “Joy” Score on a scale of 1-10, based on the happiness homeowners reported with their renovations. Not surprisingly (to us!) — exterior projects were among the top projects to return “Joy” for those who undertook them.
In addition to the beauty of a new project and resale value, we took a look at the added benefits these exterior projects provide for homeowners.
New Steel Front Door
Cost Estimate: $2,000
Recovered Cost from Resale: $1,500
Joy Score: 10
Why do people love new steel front doors?
In addition to improving energy efficiency, additional benefits of steel front doors include the ability to paint them, ease of maintenance, and durability. According to Window Nation, the versatility of steel doors, including woodgrain finishes and window options, adds to their desirability for homeowners.
New Vinyl Siding
Cost Estimate: $13,350
Estimated cost recovered: $10,000
Joy Score: 9.6
Why do people love new vinyl siding?
“The feeling you get when pausing from your daily grind to admire your new vinyl siding is a reward in itself. It’s a feeling of accomplishment knowing you transformed your home from ordinary to extraordinary, coupled with the financial benefit of choosing a low maintenance product that will retain its beauty for years,” says Steve Booz, Vice President of New Product Development & Product Management at Royal Building Products. “After all, you put thought and money into it. Your family is growing up around it. You should feel as good about your exterior as you do about the inside of your home.”
New Roofing
Cost Estimate: $7,500
Estimated cost recovered: $8,150.
Joy Score: 9.2
Why do people love their new roof?
According to roofing experts at Able Roof, proactive roof replacement almost always results in savings. “With a new roof that has been properly inspected and maintained, homeowners feel more confident about facing the bad weather months. They know their roof is ready to protect their home against the elements,” says Kirk Graven, Marketing Director at Able Roof.
New Vinyl Windows
Cost Estimate: $18,975
Estimated Cost Recovered: $15,000
Joy Score: 8.7
Why do people love new vinyl windows?
According to This Old House, “Properly installed vinyl windows can deliver major energy savings meeting Energy Star criteria—and a look that’s convincingly like wood. The latest vinyl windows come fully assembled, and ready to install and are available in no-fade colors and faux-grain finishes that weather well in any climate.”