The median age of the American home is 38 years old. Add to that the increasing price of new construction over the last decade and the growing popularity of television programs featuring dramatic home renovations, and it’s no wonder Americans spent an estimated $328 billion on home remodeling in 2019. During National Home Remodeling Month this May, we encourage homeowners to consider the benefits of a home remodel.
Remodeling offers numerous enhancements to homeowners who want to change their living environment, without uprooting their family and moving. Home improvements can add more space for a growing family or older parent, improve energy efficiency and increase the resale value of your home.
If you are considering a remodel, you should be aware of the projects that increase the home’s usefulness, value, and make it better to live in. Housing market data reveals that small, smart remodels reward homeowners with better return on investment and can help update and customize a home.
Review these top five remodeling projects and begin planning to remodel during National Home Remodeling Month.
1. Remodel the kitchen
A minor kitchen remodel can improve the look and utility of the space without costing a bundle and yields a 75 percent return. Consider replacing backsplashes, cabinet fronts, countertops, and flooring. Installing low-flow faucets and energy-efficient appliances can also reduce water and energy expenses in a heavily trafficked room.
2. Remodel the bathroom
Payback on remodeling a bathroom can reach 65 percent with new fixtures, tile, toilet, vanity and lighting. Low-flow toilets consumer less water and can decrease the monthly water bill.
3. Whole house remodeling
Repairs and replacements of old components and the desire for upgraded amenities were cited as the top reasons for customers to hire a remodeler. Evaluate the use of the entire home to see if it fits your needs. Homeowners are repurposing spaces to fit their families and making more efficient use of their home’s square footage and equity, rather than moving to a new home and mortgage.
4. Room Additions
Room additions can be added for a variety of reasons – including a change of the number of people living in the home, multi-generational living, a desire or need for more space, or desire to increase the home’s value, room additions have become increasingly popular in the last five years.
5. Replace windows and doors
Updating windows can also return a solid portion of the investment (73 percent for wood frames and 71 percent for vinyl). New, energy-efficient doors and windows also help reduce energy leakage from the home and can bring down heating and cooling bills.
Smart remodeling projects can make your home more comfortable for your lifestyle.
For more information about remodeling, visit www.ironsbc.com