Homeowners, investors, lenders, and other financial professionals use return on investment (ROI) as the major barometer for whether or not a remodel is successful, but is there a more important factor? If you’re remodeling not just to raise the monetary value of your home or get more money out of a sale, but also to get more enjoyment out of the place, there just may be.
The “Joy Score” measures value in a whole new way, determining which renovations make people the happiest. More money in your pocket notwithstanding, some renovations may put an even bigger smile on your face.
The National Association of Realtors (NAR) first added the Joy Score to their 2017 Survey of Consumers Who’ve Completed Remodeling Projects, based on a survey of 2,287 homeowners conducted by HouseLogic.
“The Joy Score was calculated by combining the share who were happy and those who were satisfied when seeing their completed project and dividing the share by 10 to create a ranking between 1 and 10,” they said. “Higher Joy Scores indicate greater joy from the project.”
The 2019 report found that, “For home projects done by a hired professional, consumers reported a Joy Score of 9.6 and those who did the project themselves reported a Joy Score of 9.9.”
Individual interior renovation projects reporting high “Joy Scores” included:
• Kitchen renovations: 10 (for both projects with hired professionals and done via DIY)
• Bathroom renovations: 9.6 (for both projects with hired professionals and done via DIY)
• Kitchen upgrades: 10 DIY; 9.2: hired professionals
The report also focused on home renovation projects for pets. Of the consumers who undertook those remodeling projects, “Those who hired someone to complete a project reported a Joy Score of 9.3 and those who did the project themselves reported a Joy Score of 9.4.”
Some of the most popular pet renovations included:
• Putting in a fence: 9.4 Joy Score for projects with professional installation, 9.5 for DIY
• Adding laminate floors: 9.3 for projects with professional installation, 9.5 for DIY
• Building in a doggie door: 9.1 for projects with professional installation, 9.2 for DIY