While kitchens are still high on the interest list for buyers and homeowners, the National Association of Home Builders (NAHB) is reporting that remodeler survey respondents say that a bathroom remodel was one of their most common projects during the first six months of 2010--as much as 61 percent of their remodels were done on bathrooms. The trend makes sense when you consider the average return on investment for a bathroom remodel is 71%, according to Remodeling Magazine's Cost vs. Value Report. Home remodeling becomes even more attractive when lumber and drywall prices are taken into account. Lumber prices have dropped from $490 to $250 per 1000 boards in the past decade. Manufacturing improvements have led to a reduction in drywall prices as well.
Designers and remodelers report that bathroom sizes are shrinking along with home sizes. Smaller scale master bathrooms are becoming the norm, although families seek to add one or more spa-like features, such as a steam shower, soaking tub or towel warmer. Along with smaller square footage bathrooms, sinks and bathtubs are being downsized to accommodate more limited space.
The average homeowner is spending more time at home as discretionary dollars are harder to come by. To enjoy that time, relax and lower the blood pressure while bathing and soaking, men and women are seeking bathrooms that are not only more modern but more aesthetically pleasing, as well. In addition, newer and water resistant materials have been brought into the bathroom to create a cozy, eye-pleasing haven. Glass and wood are being introduced into bathrooms by way of floors, cabinetry and wainscoting. Stone and tile are still popular, but if the floor is tile, radiant floors are preferred. If radiant flooring is not an option, an infrared lamp mounted just outside the tub or shower can help warm the room. Enhance the walls and ceiling with a rich, neutral color.
Although the overall NAHB Remodeling Market Index sunk to 40.7 from 47.9 in the first quarter, the survey also showed a decline in larger remodeling projects such as room additions, whole house remodeling, bathroom additions, and second story additions. But NAHB is forecasting encouraging news. The rest of 2010 is expected to be a period of stabilization for remodeling, with the first stages of recovery emerging by the end of the year, followed by a robust recovery beginning early next year. These market conditions are making now the right time to take on remodeling projects that can not only increase comfort and functionality but also add value to your home.
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