Monday, August 12, 2019

Homeowners What's your Joy Score?

There are a number of ways to judge homeowner satisfaction. You can just ask someone if they love the home they purchased. Or you can ask them what their “Joy Scores” are. What’s a Joy Score? It’s the measure of how much value you place on renovations that make you the happiest as opposed to it being done to give you the greatest return on investment (ROI).
While homeowners, investors, lenders, and other financial professionals usually use ROI as the grading criteria for whether or not a remodel is successful on their report cards, sometimes you’re not remodeling with selling in mind. You are doing it to get more enjoyment out of your home.
“The Joy Score measures value in a whole new way, determining which renovations make people the happiest,” says RealtyTimes Jaymi Naciri. “More money in your pocket notwithstanding, some renovations may put an even bigger smile on your face.”
She adds that 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. It 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. The higher the Joy Scores, the greater the joy reaped from the project.
2019’s report discovered that Joy Scores were higher for consumers who completed DIY projects than those who hired professionals to do the same job. High scorers included kitchen and bathroom renovations.
The top 4 reasons given for the question, “What was the single most important result you wanted from remodeling their home?” were better functionality and livability, durable and long-lasting results, materials, and appliances, beauty and aesthetics, and adding more of the owner’s personality to the home.
Man’s best friend also figured into the score, with renovation projects for pets getting high numbers. Some of the more popular ones included putting in a fence, adding laminate floors, and building a doggie door.
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Roxy Redenbaugh
SR Loan Consultant
Branch Manager
NMLS #269926 ACMC #2225
Source: Realtytimes, cookremodeling, TBWS

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