The benefits of wood floors are endless. They can be adapted to fit any décor, are easy to maintain, and add value to a home. Plus, wood floors improve indoor air quality and are one of the most environmentally friendly flooring options available. But did you know that your wood floors can bring more joy to your life? (We did, but don’t just take our word for it.)
Consumer desire for remodeling remains strong. According to new findings in the 2022 Remodeling Impact Report, a joint study from the National Association of Realtors (NAR) and the National Association of the Remodeling Industry (NARI), Americans spent $420 billion in 2020 on home remodeling ventures. Ninety percent of NARI members cited a greater demand for contracting remodeling work during the course of the pandemic.
The NAR/NARI report aimed to calculate consumers’ viewpoints toward their projects upon completion. Projects that made the renovators want to remain home, or remodel jobs that sparked an increase of enjoyment among occupants, received a high “Joy Score,” with 10 being considered a perfect Joy Score.
Renovators who refinished their hardwood floors or installed new wood flooring gave their projects a perfect 10!
One hundred percent of homeowners surveyed said they have a greater desire to be home after a hardwood floor refinishing project. Sixty-four percent of those polled answered that they have an increased sense of enjoyment when they are at home. Another 64 percent said just thinking about the completed project gives them a “major sense of accomplishment.”
After installing new hardwood flooring, 90 percent of homeowners surveyed said they have a greater desire to be home. Seventy-seven percent of those polled answered that they have an increased sense of enjoyment when they are at home now that their hardwood flooring is installed. Sixty-one percent shared that they feel a major sense of accomplishment when they think about the project.
NAR also provided an estimate of the likely dollar value each project would add to the house at resale. In comparing that dollar value to the estimated cost of each project provided by NARI members, a Recovered Project Cost percentage was calculated. The highest percentage cost recovered for interior projects was from refinishing hardwood floors at 147 percent and new wood flooring at 118 percent, reemphasizing the long-term value.
Source: 2022 Remodeling Impact Report