Home Renovations = Win/Win for Homeowners
The current housing market is proving to be an excellent climate for homeowners no matter if they are selling their homes or staying put for a few more years. The values continue to increase in many areas across the country and making renovations will only add to your comfort and appraisal value, so you can take comfort in those positives! Receiving a decent return on your renovation investment has never been easier than it is these days and that goes for projects that are big or small. In fact, some of the highest returns to can expect to receive come from the projects with the largest budgets – kitchen and bathroom renovations. Studies have shown that a homeowner in 2016 can expect to receive a return on their renovation dollars somewhere between 80-100% of the total spent. This means you should definitely move forward with your renovation projects and budget them with confidence.
How Home Renovations Benefits The Homeowner
No matter if you are renovating for your own comfort or making some updates in preparation to sell your home, you will find renovating your home to be a rewarding and exciting experience. There have been many reports and studies on the average home renovation and how it can impact the homeowner’s well-being as well as their pockets and the most interesting statistics often include the following figures:
- 64% of homeowners experience greater pride and fulfillment after completing a renovation project in their homes.
- 75% of those asked stated that their self-esteem and sense of accomplishment was greater when completing a project.
- 54% of the interviewed subjects had feelings of happiness about making changes to their homes.
- 40% were satisfied with the current condition of their homes.
- 38% of homeowners were looking to make upgrades in the near future
- 17% of subjects wanted to make changes for greater livability and space utilization.
- 13% agreed it was time to make some changes to the existing home structure.
Create a Blueprint
As you can see, large percentages of the population agree the time is now for home renovations and those that make the leap to actually performing some home remodeling projects tend to find great reward in their accomplishments. The interesting things to note is that many homeowners don’t even realize how much they like their current homes until the layout is changed or the space is utilized in a more efficient way.
What Are The Most Common Upgrades?
Common upgrades that seem to attract the most buyers include kitchen renovations and upgrades, bathroom remodels and the addition of hardwood floors to name a few. The addition of a new bathroom is another remodel that has been ranked as one of the highest features in attracting buyers to your home if that is your ultimate goal.
All Types of Renovations
Outside of the common rooms in your home, you can expect to see a very nice return on the addition of a basement or finishing an existing one. In urban communities a finished basement can be the difference between selling your home and letting it languish on the market for an extended period of time. Exterior projects tend to be more difficult to put a figure to when it comes to your return, but the value they bring is more geared toward giving your home the curb appeal to attract buyers. The interior upgrades will sell your home, but the curb appeal will reel the buyers in.
