Are you planning to renovate your home instead of selling and moving in 2023? You’re not alone.
This article give you the best home remodeling ideas that you would love.
In fact, because the market does not allow for much room to move to a nicer, bigger, or better home, more people have the same plans as you. More than 80% of homeowners choose to stay in their current homes, according to key findings in the 2018 True Cost Report. 40% intend to remodel their homes.
However, the reason they have chosen to stay has more to do with the unusually low supply of housing for sale. Home sales across the country were already low in 2017 and have dropped further in 2018.
According to Realtor.com, the number of homes priced under $200,000 has fallen by 12%. This has resulted in higher home prices, which have risen by up to 8%.
Many would-be home buyers are frustrated by this. Others, however, chose to plan a home renovation rather than dwell on this. Several factors influence how much work homeowners intend to do and how much money they are willing to spend.
Key Findings on Home Remodeling Trends
- Millennials are more likely than any other generation to remodel any part of their home.
- Millennials are twice as likely as baby boomers to complete bathroom and kitchen remodeling projects.
- 5 in 6 millennials intend to spend more on home renovations in the coming months, with half expecting to spend more than they did the previous year.
- In the previous year, baby boomers spent the most money on remodeling projects.
- When compared to millennials, baby boomers spent 32% more on home remodeling.
- The primary motivation for homeowners to renovate is improved aesthetics, with improved comfort and added value coming in a close second and third, respectively.
- Bathroom remodeling, flooring installation, interior painting, exterior staining and painting, and landscape installation are among the top projects that homeowners intend to complete in the next 12 months.
Whatever home remodeling project you choose, make sure you see a return on your investment. This entails carrying out renovations that pay you back or pay for themselves.
Because trends change, it’s important to keep up with what’s going on in the world of home renovation.
Home Remodeling Projects with Good Returns
New garage door
According to reports, installing a new garage door is less expensive but returns 98% of your investment. This is especially useful if you intend to sell your home within the next few months.
A garage door replacement is one way to improve the curb appeal of your home, making it a worthwhile exterior renovation project.
Manufactured stone veneer
This material, also known as fake stone or artificial stone veneer, is used in fireplace surrounds and exterior façades and ranks second on the list of home renovation projects that pay well. Unlike faux stone, it has the same heft and texture as real stone without the high price tag.
When used inside your home, manufactured stone veneer will increase the value of every square foot more than any other material. In fact, the ROI is 97% of the initial cost
Front door replacement
When was the last time you replaced your front door?
This year would be an excellent time to do it because it is regarded as a high-return project. Steel is the most commonly recommended material. If it fits, replacing your front door with steel will undoubtedly benefit you.
Decks are no longer just a standard home addition this year. They can update the look of your home while increasing its value with the right additions.
The following are some popular decking trends:
- Use of nonstandard decking board material—Mibrico tile decks, Trex decking, Zuri by Royal Building Products, and other composite and engineered wood options.
- Installation of less typical handrail systems such as a glass handrail or stainless steel cable handrails.
- Addition of outdoor kitchens and cabinetry, from a simple outdoor grill to a fancy gourmet-level setup.
- Addition of backyard heating options such as firewalls and gas fire pits.
When decking, using a complementary design style in home remodeling would be ideal. Because the deck reflects the interior style of your home, it ensures continuity from the interior to the exterior.
Minor kitchen remodels
Refacing or replacing cabinet doors will return 81.1% of your investment. This means you won’t have to spend a lot of money to increase the value of your kitchen and home. Minor home renovation projects in the kitchen will undoubtedly add value and improve aesthetics.
To renovate or not…
Do you intend to stay in the same house for the next five years?
If you do, it makes sense to make improvements to ensure your comfort. You still get a return on your investment plus the intrinsic value of living in your home.
Where is your property located?
Even when it comes to home remodeling, location is important. Some suburban neighborhoods, for example, have higher per-square-footage prices than others. This means that the value increases faster.
A new garage door replacement has a national return of 98%. However, it will return 120% in Pacific coast markets.
To avoid overcapitalization, calculate the cost vs. value of a home renovation before you begin. The last thing you want to do is waste money on a renovation that will yield little to no return.