Experts predict that nearly 10.5 million remodeling and replacement projects will be completed this year. Although 65% of homeowners are remodeling to maintain their homes, 30% are doing so to improve its resale value. Regardless or your reason for remodeling, it's a great time to make improvements to your home.
3 renovations with the biggest returns
- An attic room has a return on investment of 73%. However, it's one of the most expensive renovations to undertake, with anaverage cost of $50,148.
- Kitchens offer an average of 66% of costs. A midrange minor kitchen remodel has a return of 72.1% and an average cost of $19,588.
- Bathrooms off an average return of 62% of an average cost of $16,552 for a midrange remodel.
Get more out of your living spaces
Many homeowners are interested in creating multi-functional rooms that can meet the changing needs of their families. Here's how to make the most of your spaces:
- Maximize your space. Go through the house, and donate what you and your family dont need or use. This will improve the flow and funtionality of your home.
- Transform a room with furniture that does double duty. End tables, coffee tables and seating often feature compartments or drawers to store toys, paperwork, bedding, etc. Additionally, Murphy beds can be pushed into the wall when not in use, freeing up floor space.
- Put small spaces to use. Turn an unused closet or corner of a room into a small office, homework area or laundry room.
The average remodeling project costs $44,734 and has a return of 57.7% when the home is sold.
Other Low Cost Ways to Update Your Home
- Install a new mailbox
- Upgrade outdoor lighting
- Replace old doormats
- Plant annual flowers
- Buy new pillows for sofas
- Display lightly scented potpourri or candles
- Replace torn window screens
- Polish or replace your old address plaque
- Fix or replace leaky or outdated faucets
- Buy organizational systems to reduce clutter
- Re-caulk sinks and bathtubs
- Place centerpieces on large counters and tables
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