The Fall 2013 Remodeling Sentiment Report from Planese Inc. revealed that homeowners are willing and planning to spend more on home remodeling and improvements than they have in years past. How much more? Up to 30% of the value of their home – a number that’s up from 25% in 2007 before the recession hit.
This is an indicator that the economy is recovering and that real estate markets are also on the rebound. Let’s take a closer look at the report’s findings and how homeowners can make the most of their remodeling budgets.
What Homeowners Are Spending More On
There are three big reasons why the remodeling budgets have went up – higher quality materials, bigger projects and more professional help.
When it came to who was going to do the work here’s what survey respondents had to say:
- 74% planned to hire a contractor
- 56% planned to hire an architect
- 43% planned to not doing any of the work
All of these percentages are up from 2007 and 2010. On top of going with professionals that have experience instead of doing the work themselves and saving money, more homeowners are also opting to use expensive materials. This past year 17% said they intended to use expensive materials compared to just 9% in 2007. Today, the projects are also bigger than ever with homeowners planning on remodeling or improving four areas of the home on average.
Both of these factors can increase the bottom line, but they can also increase the value of the home and the quality of the project. Below are some of the other things that can influence the bang you get for your buck.
Home Improvements That Will Have the Biggest Return
Homeowners are sinking large amounts of cash into remodeling and improving their homes primarily so it better meets their needs. The majority surveyed said they would rather pay to fix up their home than move to a new home that has the extra amenities and features.
But where should focus your energies if you want to see a good return on your investment? Here are four projects worth considering.
Deck Addition – We’re happy to hear that adding or replacing an old deck is one of the best value boosters for a home according to Remodeling Magazine. Their 2013 Cost vs. Value report showed that a new wood deck had a return of over 77%.
Siding Replacement – No matter what type of material you use, replacing old siding can really add value to a home. Homeowners that choose to use fiber-cement siding saw a 79.3% return and vinyl siding garnered a 72.9% return.
Minor Kitchen Remodels – The Planese report found that the majority of those surveyed (55%) planed to do a kitchen remodel. They’ll be happy to know that a minor kitchen remodel can yield a return of 75.4%.
Adding an Attic Bedroom – If you have a sizeable attic that’s not being used converting it into an extra bedroom will add to your square footage and also give you a 72.9% return on your investment.
If you are planning on improving your property with a deck the experts at Timbertown Austin are here to help. We can supply all homeowners with affordable, high-quality decking materials, and we can give the 74% of homeowners that plan to use a contractor extra help on their project.
Image Source: http://www.flickr.com/photos/106574022@N04/11705577525/in/pool-990414@N20/
Original Source: http://timbertownaustin.com/home-improvement/are-you-one-of-the-consumers-thats-spending-more-on-remodeling