Do you want to increase your home value? Have you been waiting to remodel?
According to the Leading Indicator of Remodeling Activity (LIRA), 2018 has an expected increase of 7.5 percent in spending for home improvements compared to 2017, which equates to $340 billion. This is a perfect time to consider updating your home to enjoy the benefits and increase the value.
Some of the remodeling projects that are trending and also have a great ROI (return on investment) include:
Adding a bathroom to your house can only increase your home value and offer more convenience and comfort to you as you enjoy the additional amenity. According to top 2018 Cost vs. Value, bathrooms can offer a return on investment (ROI) of 56-74%. The number of bathrooms is one of the first things a home buyer considers when looking at a home on the market.
Potential buyers today are looking for modern, open floor plans for their kitchen and living area. The average consumer desires granite or engineered stone countertops, wood or ceramic flooring and accent lighting. Updating your cabinetry is a major enhancer to your kitchen remodel and if the room is open and airy this can snag a potential homeowner. The opportunity for you to enjoy this remodel is a big bonus and if the plan is to sell in the next few years it will make a difference in your return on investment that averages 59-81%. Check out our blog Kitchen Remodeling – A Good Investment.
Home Exterior Updates
First impressions are important and they only happen once. If you are looking for curb appeal to increase your home value than an exterior remodels is just the thing. Replacing siding, doors, and windows is a great way to update an older model home and make it stand out in your neighborhood. If you are on a tighter budget you can consider updating the garage doors and front door to something grand with side-lights and this may be just enough to get noticed. The return for exterior upgrades can be 69 – 76% and garage and entry door upgrades can bring as much as 98% return for your money.
Outdoor living space is another exterior update that can improve your lifestyle, as well as, increase curb appeal. Stone paths, outdoor lighting, landscape plantings are just a few updates to enrich your home and your outdoor living enjoyment. A patio and fire pit can also bring additional living space to your home for entertaining or just relaxing.
Smart Home Enhancements
The latest and greatest option for your home is technology. Your smartphone is a key to your smart home. Smart homes include systems that offer remote access to home lighting, heating, and cooling, security and even door locks. Smart systems allow homeowners to control their energy costs and keep an eye on what goes on around their home when they are not there. The pricing for smart home systems has decreased since they came on the market. The smart home security market is forecast to grow to 18 billion U.S. dollars worldwide in size by 2020. This can be an affordable option for many homeowners which in the past was available mostly to the affluent. Over time this enhancement will become a standard option for homeowners.
Owings Brothers Contracting can offer services that enhance your home and increase its value while staying within your budget. Give us a call at 410-781-7022 today for the opportunity to increase the value of one of your greatest assets.