We all want to get our money’s worth when we make a purchase or an investment. Investing in your Naples-area home by undertaking a remodeling project is no exception to that rule. But are there some projects that offer a better return on investment than others?
There are plenty of places that track the return on investment (ROI) for remodeling projects. You can even find sites that break the results down to specific regions or cities. Forbes.com has its own take on the issue as well. One source you might find helpful is the National Association of the Remodeling Industry (NARI), whichpublished a report on remodeling ROI in 2015. You can click here to read the whole report, but here’s a quick “at-a-glance” overview.
If return on investment were the only criteria you used to evaluate remodeling projects, you’d probably choose to refinish your flooring or upgrade your insulation. What’s interesting about the NARI report, however, is that they’ve included a second criteria—something called the “Joy Score,” which measures how happy homeowners said they were about the projects they undertook.
Here’s how those same projects ranked using that criteria.
It seems obvious that some remodeling projects simply make homeowners happier and more comfortable than others—regardless of the financial return. That’s an important distinction. After all, you remodel your home so that it will be more comfortable and convenient for you—not for whomever comes after you.
You don’t want to jump into a remodeling project unawares. Some projects simply won’t deliver the same ROI. But that doesn’t mean you shouldn’t do them, unless your only goal is to get your money back when you sell.
We think creating the best possible environment for your daily living is the best possible reason for remodeling. If that’s what you’re thinking, too, you may want to download our free Remodeling a House—Creating a Home e-book for ideas on how to make that happen.