Tuesday, 20 November 2018

New Data Reveals the Most Valuable Remodeling Projects, Upgrades

Living-Room-Remodel

As the home-remodeling boom maintains momentum, Houzz.com estimates more than half of all homeowners will either begin or continue a home renovation project for the remainder of 2018. Homeowners are opting to spend a median dollar amount of $10,000—a number actually down slightly from the year prior. But homeowners do report making more conscientious decisions about which rooms to remodel. They also think more about which upgrades are likely to add to the enjoyment of their home and net the biggest return on investment.

Kitchens and Bathrooms Lead the Pack

According to the study, the top three renovated rooms continue to be the kitchen, guest bathrooms, and master bathrooms. Nearly a third of homeowners doing renovations say they are remodeling their kitchens, and newer homeowners are more likely to remodel a kitchen than a long-time homeowner. Given that these upgrades are reported to increase home values more than other projects (83 percent of renovating homeowners said their kitchen remodel did so), it is not surprising that kitchen makeovers remain the most popular.

However, QuickenLoans analyst Miranda Crace noted these rooms receive the most wear and tear. Therefore, popularity and added perceived value for renovations in these rooms remains high.

New Remodeling Trends on the Way

While it seems unlikely another room will replace the kitchen any time soon, the report indicated two emerging remodeling favorites:

  1. Homeowners are opting for more exterior home upgrades
    This includes roofing, exterior painting, installation of windows and skylights, replacing siding, and deck work.
  2. Smart-home systems are increasingly popular
    Nearly one in four home system renovations includes the installation of devices to automate or regulate the home’s interior. Smart thermostats, lights, and the integration of devices like Alexa and Google Home account for this.

Source: https://thinkrealty.com/new-data-reveals-most-valuable-remodeling-projects-upgrades/

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