Most popular home improvement projects
Homeowners across the nation are not only spending more money on remodeling they are tackling much larger, more beautiful and more expensive home improvement jobs than five or six years back.
Instead of just replacing a faucet and manage, they are upgrading the whole sink (...and what's an updated sink if it is beside outdated cabinetry and conservative tile). What's behind this newfound feeling of homeowner wealth? Home equity. The quantity of equity homeowners has currently equal to where it was in 2007, at the peak of the housing market boom.
Cabinet refacing is a smart, cost-effective way to refresh the look of an already updated kitchen. Refacing is a more reasonable alternative to remodeling an entire kitchen -- plus, it's eco-friendly and much less intrusive than replacing and installing new cabinets. A basic refacing project consists of installing new cabinet door and drawer fronts and covering the exposed face frames with a matching wood or plastic veneer. The result is the identical cabinet layout and arrangement, but with a restored, updated appearance.
Cookbook and knife rack pull-downs, drawer walls, Lazy Susans, and under-sink storage.
Building a deck
With the boom in homeowner equity, a growing number of homeowners are indulging in the luxury of improved outdoor living spaces. A new deck adds value to your house and raises your living area, without the cost of adding a room. The average homeowner spends close to $7,000 to build a 300-600 sq. Ft. Deck, with smaller decks costing as low as $4,000 -- and the total cost of the project is dependent on variables like size, construction materials, and extras to enhance functionality.
Considering that a deck is an addition to your house, it will add both your property value and your property taxes. Just how much it adds, though, will be dependent on the complete cost, so the best time to look into this is through the planning stages. Check with your local assessor's office to avoid any unpleasant surprises, and make sure a deck is covered by your homeowner's policy before you commit to anything.
Back when the housing market was soft, homeowners with a roof issue might quickly do a patch. However, now that they have had a few years of rapidly-increasing equity, they feel financially secure enough redo the whole thing. Replacing a roof -- if it is near the end of its life expectancy -- is a high-dollar but important project.
Tip: for those who leak, check the guarantee from the previous roofer -- you may be able to get the leak fixed for free. If the warranty is expired, but you aren't up against the useful lifespan of the roof, go for a repair. The average cost of repairing a roof is $900 - a small fraction of the cost of a replacement.
Homeowners have loads of choices when they remodel a bathroom, and the complete cost will always return to style and budget. While an average bathroom remodels costs close to $11,500, homeowners need only spend half of that (or less) to fix up the essentials in the small to a medium-sized bathroom. On the other end of the spectrum, many opt for a master bathroom remodel for a true lifestyle upgrade.
Tip: Bathroom remodels supply some of the highest resale yields as a home improvement project. Look for the facets that a home buyer is most likely to value, to maximize ROI.
While a kitchen remodel delivers a significant payoff, the job is expensive, complicated and detailed -- and the price will vary depending upon the size of the kitchen, types of materials used, and how extensive the structural modifications are. A smaller project between $16,000 and $21,000 might include painting walls, refacing cabinets, upgrading the sink, and installing a tile backsplash, though a $44,000+ renovation may include installing custom cabinets, hardwood flooring, granite counters, and high-end appliances.
Homeowners should plan to invest between 5 and 17 percent of their home's total value on a kitchen remodel since this is the optimal range for homeowners to spend and expect to recoup at resale. An owner who's planning on living in the house for several years to come will want to be in the top end of the range because they'll be able to derive enjoyment from the enhancements. But someone who may sell in a year or two will be better off staying close to the lower end.