Renovate and Remodel: Home Improvement Is on the Rise

Renovate and Remodel: Home Improvement Is on the Rise

ORLANDO, Fla. – Home improvement projects can give a house a new look, provide increased efficiency and cost savings, update outmoded trends, plus enhance value and resale potential.

Remodeling parts of a home can add to the owner’s long-term enjoyment of the property by changing it to better suit his or her lifestyle preferences. While many houses may benefit from a renovation, particularly distressed properties, some projects may not be worth the time or money, if considering the return on investment.

The 2013 Remodeling Cost vs. Value Report (Link to http://www.remodeling.hw.net/2013/costvsvalue/national.aspx) from the National Association of Realtors® (NAR) and Remodeling magazine found that exterior projects usually have the highest return on investment.

“Curb appeal is important – a home’s exterior is the first thing that potential buyers see,” says 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “Projects such as siding, window and door replacements can recoup more than 70 percent of their cost at resale.”

The report found that some of the top cost-effective projects for home improvement are:

  • Replacing a front door with a steel one – 86 percent of cost
  • Fiber cement siding replacement – 79 percent
  • Upscale or midrange garage door replacement – 75 percent
  • Minor kitchen remodel – 75 percent
  • Vinyl siding replacement – 73 percent
  • Attic bedroom – 73 percent

If getting the biggest bang for the buck is a top priority, then homeowners should avoid the following projects, according to the Cost vs. Value Report, because they have the lowest return upon the home’s resale:

  • Replacing a front door with a fiberglass one – 56 percent of cost
  • Bathroom addition – 51 percent
  • Backup power generator – 47 percent
  • Sunroom addition – 45 percent
  • Home office remodel – 43 percent

With the housing market and economy gaining strength, homeowners are starting to spend more on home improvement projects now. A recent study from Harvard University’s Joint Center for Housing Studies found that spending on home improvement rose 9 percent in 2012.

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