Remodeling seems to be a trend form many current property homeowners across the country. Houzz if you are not familiar with it is a website that helps homeowners find contractors to help remodel your property. It is a great resource for anyone obtaining inspiration and ideas for rooms, landscaping and bursting with information.
They did a survey May 20, 2014, across the nation to find out what current property owners are planning to do within the next five years. Their findings; fifty-three percent of U.S homeowners say they will remodel to increase the resale value of their home, whereby only sixteen percent plan to sell within next two years. A house is one of your biggest investments not only monetarily but also emotionally. So if you are on the fence thinking should I sell and move or should I renovate; this may sway your thinking as to where homeowners currently are planning on spending their money.
Bathroom and Kitchens are the most popular renovations projects again. And still are worth the investment if the choices in finishes are made wisely. Of those surveyed twenty-six percent of those renovating plan to work on their bathrooms, while 22% plan a kitchen remodel or addition within the next two years. Many of those that are renovating finance the project on their own or borrow money from friends and family to get the renovations done. To further save on these renovations over 75% retained the home’s existing footprint. In these rooms, it can save a lot to keep plumbing and windows in the same place.
So how much are homeowners investing into these renovations they are undertaking? Here in the Northeast we tend to spend more and have larger projects, maybe due to the homes that we own being older- this I am not sure. But on average a kitchen renovation ran a little above $32,000. This is pretty consistent today.
If you have a newer home that does not need an updated kitchen or baths where are you spending your money? The most popular were flooring/millwork/ceiling projects topping at twenty-seven percent. Next were window/doors at 22% and then roofing at 15%. Seeing these numbers and projects makes me believe that property owners are updating their homes to coincide with current trends. This correlates to obtaining a stronger selling price in the long run because few buyers want to invest the money to update when they are searching for their dream home.
If you have been saving your money wondering if you should invest in a new house or renovations this may help you. Also, it can be useful also knowing what the trends are so that when you do sell you know that kitchens and bathrooms will be a priority for many buyers.