Home owners considering planning to stay in their home should know about remodeling projects that increase the home’s usefulness and make it better to live in. Housing market data reveals that small, smart remodels reward home owners with better return on investment and can help update and customize a home.
A recent National Association of Home Builders (NAHB) survey of remodelers found the following five most common remodeling jobs.
1. Remodel the kitchen
A minor kitchen remodel can improve the look and utility of the space without costing a bundle, and yields a 75 percent return. Consider replacing backsplashes, cabinet fronts, countertops, and flooring. Installing low-flow faucets and energy-efficient appliances can also reduce water and energy expenses in a heavily trafficked room.
2. Remodel the bathroom
Payback on remodeling a bathroom can reach 65 percent with new fixtures, tile, toilet, vanity and lighting. Low flow toilets consumer less water and can decrease the monthly water bill.
3. Whole house remodeling
Repairs and replacements of old components and the desire for upgraded amenities were cited as the top reasons for customers to hire a remodeler. Evaluate the use of the entire home to see if it fits your needs. Home owners are repurposing spaces to fit their families and making more efficient use of their home’s square footage and equity, rather than moving to a new home and mortgage.
4. Room Additions
Room additions can be added for a variety of reasons – including a change of the number of people living in the home, multi-generational living, a desire or need for more space, or desire to increase the home’s value, room additions have become increasingly popular in the last five years.
5. Replace windows and doors
Updating windows can also return a solid portion of the investment (73 percent for wood frames and 71 percent for vinyl). New, energy-efficient doors and windows also help reduce energy leakage from the home and can bring down heating and cooling bills.
Smart remodeling projects for improving the home can make the home more comfortable for your lifestyle.