An overwhelming 90% of homeowners plan on remodeling their home at some point, according to a recent survey by listing website Trulia in collaboration with The Harris Poll. This is a 6% increase from last year’s results. The site also noted, in their article, “Remodelling on the Rise,” that over two-thirds of the people who plan onselling their house in the next two years also have plans to remodel and renovate in that timeframe.
The kitchen and bathroom continue to be the most popular targets of remodeling projects for homeowners, too. The Harris Poll collected data from over 1,378 homeowners in the U.S. in 2018.
Furthermore, the Harvard University Joint Center for Housing Studies said that homeowners who invested in improvements since the Great Recession increased the value of existing stocks, thanks to breakthroughs like the 10% increased spending on improvements and repairs on owner-occupied and rental properties from 2016 to 2017.
More and more people are spending to improve their homes. If you’re one of the 68% of people remodeling to add value to their homes, there are projects you should consider to get top dollar.
Add Another Bathroom or Remodel Existing Ones
According to Hanley Wood Remodelling’s 2019 Cost vs. Value Report, both midrange and upscale bathrooms have gone up in value since 2018. In Salt Lake City, Utah, a homeowner gets to regain about 59.2% of the cost of an upscale bathroom addition, while they get to recoup about 53% from a midrange one. When it comes to remodeling, they recover about 57% of the cost for a midrange project.
It’s important to note, however, that the job costs for these projects are often expensive. An upscale bathroom addition can set you back around $82,000, according to the report. Home improvement site HomeAdvisor says that high costs come from design, plumbing, tile installation, and labor. It’s not easy to rearrange showers and toilets without adjusting the plumbing layout, after all.
Plus, replacing bathroom amenities and expensive tiles is hard work. The returns, however, are significant. If you’re one of the majority of people selling their house in two years’ time, you get to enjoy the improvement yourself long before you make a deal.
Remodel Your Kitchen
Kitchen remodeling hasn’t gone out of favor yet. Minor kitchen remodels in Salt Lake can bring returns of up to 97.6%, while major changes in the midrange can recover up to 78.4% of the cost. Upscale, major kitchen remodels, on the other hand, have over 69.5% returns on the cost. To maximize the returns on a $21,442 minor kitchen remodel, Hanley Wood Remodelling recommends having a functional layout with 30 feet of wood cabinets, a center island, laminate countertop, resilient flooring, and even an energy-efficient stove and refrigerator.
Improve the Look of Your Patio
When it comes to improving your patio, you should look at replacing your sliding doors. People who opt for this can have returns of over 85%. If you decide to remodel your backyard patio, you may recoup up to 60% of its cost. Even installing vinyl siding can help improve the appearance of your home’s exterior.
When it comes to deck additions, wood wins out over composite because of its lower cost ($13,612) and higher return of 80.5%. The former will set you back about $18,184, and you’ll only regain about 76% of it. The website suggests creating an outdoor kitchen for the patio with a fire pit, grill, mini-refrigerator, and sink. It also recommends connecting the home and the outdoor space with a sliding glass door.
Home improvement may be pricey, especially for big projects like kitchen and bathroom remodels, but recent data shows that they’re worth it. Not only will you reap the rewards of a higher home value if you sell it, but you’ll also live more comfortably if you decide to keep it. It’s a win-win scenario.
