Remodeling spending is expected to jump in 2014 as the housing market steadies and homeowners begin to look at adding value to their homes. The following five areas are where homeowners are expected to spend the most remodeling dollars this year:
Bathrooms: An updated bathroom can be a huge advantage when selling a home. Furthermore, remodeling a bathroom is often one of the less expensive rooms to make over. Homeowners are likely to recoup 72.5% of the cost at resale according to Remodeling Magazine’s annual Cost vs. Value report.
Kitchens: Even a minor kitchen remodel (replacement of cabinet fronts, oven and cooktop, countertops, sink and faucet, and flooring) is shown to recoup 82.7% at resale.
Exterior Updates: After kitchens and baths, landscaping projects are high on the remodeling list for homeowners, said Liza Hausman, Houzz’s Vice President of Community. Many people choose to create outdoor entertainment spaces to add more usable square footage to their existing home.
Age-in-place improvements: Remodeling the first floor to create a master bedroom and bath is a common way for retirees to reconfiguring their space to prepare for the years ahead.
Additions: Adding on a family room, expanding the kitchen, or building a master suite are all more expensive projects and will be lucrative for contractors and designers in 2014. Large additions were shown to recoup 68.8% of their cost at resale.
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