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Home remodels that pay off in many ways

Posted by Mehran Aram on Tue, Oct 8, 2019 @ 05:10 AM

Some homeowners invest in a renovation of their kitchen or bathroom because they hope that it will pay off when they sell their home, adding value and appeal. But in a new report from The National Association of Realtors, the benefits of a home remodeling project can pay homeowners back in ways that aren’t monetary at all.

NAR’s 2019 Remodeling Impact Report showed that in addition to potentially raising the resale value of a home, the job and sense of accomplishment for homeowners adds further incentive to taking on a remodeling project. In fact, 74 percent of owner-respondents to a survey state that they ultimately have a greater desire to be in their home after completing a project and 65 percent report feeling increased enjoyment in their home.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Deferring Social Security, National Association of Realtors, Mortgage rates, home remodel, Remodel