Home renovations boost resale value, but the National Association of Realtors’ annual “Joy Score” ranks renovation and remodel projects based on how good they make homeowners who are staying put feel.
Americans spent an estimated $603 billion on home remodeling projects in 2024.
The projects that get the highest Joy Scores upon completion are the addition of primary bedroom suites, and a perennial favorite, a kitchen remodel, both scoring 10 out of 10.
But the highest satisfaction, surprisingly, does not come from a full kitchen gut job. A more simple kitchen upgrade tops that.
“That is why we divide up a complete kitchen renovation, which can be really expensive from a kitchen upgrade,” said Jessica Lautz, vice president of research at the National Association of Realtors.
“Maybe it’s the cost or the dirtiness, or having to eat out for a month as you have that complete kitchen renovation done.”
Oddly, a new roof replacement also scores 10 out of 10 on the Joy Score.
The National Association of Realtors said real estate agents report a new roof and a kitchen makeover, along with a bathroom upgrade, have the highest increase in buyer demand.
Homeowners, both those looking to sell and those looking to stay put, should also look outside. A survey of real estate agents found that 97% rank curb appeal as one of the top improvements buyers are looking for.
“Right now we’re in that spring market and so everyone is thinking about that curb appeal whether you’re planning on living in the home or not,” Lautz said. “So obviously, adding some flowers or making sure that your yard looks great, those are things that are easy fixes that make you feel really good.”
For those renovating to sell, the projects with the highest cost recovery, and low up-front costs are a new front door and a closet renovation, according to the National Association of Realtors.
The association said its members report seeing an increase in contracting projects and 57% have observed larger project scopes over the past two years.
To finance remodel projects, the National Association of Realtors said 54% used a home-equity loan, 29% saved up for it and 10% put some remodeling or renovation costs on credit cards.
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