How home improvement fared in 2015 [Video]
Posted on Monday, December 14, 2015 at 11:53:03 AM
Home remodeling projects can take a lot of time and effort, but that didn't stop homeowners in 2015. As of October, Americans had spent more than $326 billion on remodeling projects. According to the National Association of Realtors, the majority - 38 percent - of projects involved replacing old and worn-out surfaces, while 17 percent were done to improve a home's livability factor.
The vast majority of owners liked the results of their remodels. Seventy-four percent reported that they had a greater desire to spend time in their home, while 75 percent reported feelings of distinct achievement after completing a project.
Not every home improvement makes for positive results. Money Talks News reported that knocking down one bedroom to make another bigger can seriously affect how a home's value compares with others in the neighborhood, and the same goes for removing closets. Wallpapering has a habit of putting off potential buyers as well. Removing it can be a real pain.
Still, most remodeling projects can seriously improve a home's market value. Owners said that improving a home's functionality and livability - two of the most important factors when selling - were most important to them when seeking home improvement financing for projects.