New Year, New Projects
With the dawn of a new year upon us, fresh spaces and rejuvenated homes may be on your mind. What's worth the spend, what's on trend for updating and how do you get the most bang for your buck are probably all crossing your mind if you're looking to make some home improvement in 2016.
Check out this great article from Jacob Hurwith of improvenet.com on the "10 Home Improvement Projects That Will Still Be Hot In 2016" for some helpful tips as you begin to consider a remodel project for this year.
There are those of you who remodel based solely on your own interests and others who renovate based on the popular trends in housing. Each side has its pros and cons, but for the purpose of this article, I will focus on the hot housing trends that are sure to be popular in 2016.
Remodeling based on current and future trends vastly improves your odds of recouping the cost you put into the home. While very few projects recoup 100% of the total cost you put into it, some retrieve more than others. Therefore, I analyzed data from the three most recent Remodeling’s Cost Vs. Valuereports to find the most ROI-friendly remodeling projects.
If the past three years are any indication, the following 10 home remodeling ideas are sure to remain valuable in 2016.
1. Entry Door Replacement
Surprising to many, but the most valuable remodeling project for the last three years (in terms of cost recovered) has been entry door replacement (steel) and the value is only going up. From 2013 to 2015, the cost recouped was 73%, 97% and 102% respectively.
According to our entry door replacement cost guide, the average cost to replace a front door ranges from $400 to $850. While the total cost and added value is not near that of major remodeling projects, such as full kitchen or bathroom remodels, in terms of ROI, entry door replacement can’t be beat.
2. Bathroom Remodel
Moving to upscale projects, those that require more time and money, bathroom remodels will always be one the most popular home remodeling projects across the nation.
The bathroom, as we all know, is the most trafficked room in the home. It’s the only room that you must enter two times a day (assuming you brush your teeth twice) and one of two rooms (bathroom and kitchen) that really sells houses. No matter whom you ask, assuming all other elements of the home are sound, bathrooms and kitchens sell homes.
According to Remodeling, the average recouped value over the past three years has hovered around 60%. Nonetheless, as most bathroom remodels in their report cost around $51,000 (remember, upscale), the added value is quite high. Therefore, even if you put in $10,000 towards a bathroom, you can expect to retrieve $6,000 the day you sell the house.
3. Garaged Door Remodel or Addition
Another high ROI renovation project is garage door replacement. Once again, the total added value does not compare to major remodels, but the percentage recouped is hard to beat.
The percentage retrieved for the last three years was 88%, 83% and 75% (2013). As you can see, we are trending in the right direction. Considering that the average garage door installation or replacement cost is $964, you can expect to recoup $848 at resale.
4. Minor Kitchen Remodel
Sooner or later, we were going to get to the crown jewel of them all. The kitchen sells homes. If you want to get rid of your home, spend your money in the kitchen. This is where potential homeowners envision themselves and will more often than not, make or break the sale.
From 2013 to 2015, the average percentage recouped from minor kitchen remodels was 75%, 83% and 79%. By Remodeling’s standard, minor kitchen renovation projects are those under $20,000.
5. Major Kitchen Remodel
While the average kitchen renovation may be less, many homeowners are spending more than $20,000 on their kitchen remodeling projects. Fortunately, they are still recouping more than 65% of that cost back when it comes time to sell. Some of the kitchen aspects many homeowners remodel are:
6. Deck Addition
Especially for those of you in the Midwest or East, many of us try to take advantage of nice weather throughout the year. After all, when at least a third of the year is ruined by snow, we learn to appreciate cool, sunny days.
One way to really take advantage of the nice weather is by enjoying it on a deck. According to the report, most homeowners recoup at least 80% of the total cost after adding a wood deck. That was a big increase from 2013 when there was only a 67% average. Therefore, as the average price to build a deck is $6,148, homeowners can expect to retrieve $4,918.
7. Siding Replacement
Believe it or not, there are many different kinds of siding. While vinyl certainly dominated the industry last decade, other options are starting to creep up the list as more homeowners are going with wood, brick or stone as well.
Nonetheless, many homeowners bought their homes with vinyl siding and do not want to change the exterior. Fortunately, the average recoup percentage for vinyl siding replacement has increased for the last three years from 72% in 2013 to 78% in 2014 and 81% in 2015. Just know that while the average price to repair siding is $545, while the average to install balloons up to $7,415.
8. Attic Bedrooms
Many homeowners are adding or converting rooms into bedrooms as a result of elderly parents moving in or children returning from college. Well, according to the report, many homeowners are converting their attics into bedrooms.
To no surprise, added bedrooms vastly increase the value of your home. Bigger families demand homes with more bedrooms and as a result, pay more. In 2015, the addition of an attic bedroom cost $51,000, but 77% of that was retrieved at the time of the sale. If you are considering adding a bedroom, but not sure if the cost is worth the headache, please see 7 Benefits Of A Home Addition.
9. Window Replacement
The window industry has changed dramatically over the years as more homeowners become energy efficient. As such, they are replacing their old, beat-up windows with energy-efficient windows that keep all that expensive warm air in the home where it belongs. In 2015, those who replaced their windows retrieved roughly 75% of the total cost.
The overall price to replace will depend on the window type and number of windows you choose to update. More often than not, window companies will offer a discount to homeowners replacing more than three windows at once.
10. Personalized Projects
Despite all the remodeling ideas above, personalized projects will always be on the list of most popular renovations. If you want to paint your kitchen orange, go ahead. If you want to add a third sink to your bathroom, do it! After all, you are the one living in your home. You have to stare at your kitchen walls and use that bathroom every day. If it makes you happy, do it.
Just know that when it comes time to sell, chances are, no one will enjoy an orange kitchen wall. Better to make all common, neutral updates before listing your home.
If you are looking to recoup the value of your next home remodeling project, start with these 10 projects. If the last three years are any indication, they will remain some of the most valuable home renovation projects across the nation.
As always, Home Pros is here to help you as you begin to consider making home improvements. Give us a call today or request your free in-home appointment on our home page.
To view Jacob's full article go to http://www.improvenet.com/a/10-home-renovations-that-will-still-be-hot-in-2016