It’s no surprise that today’s hot remodeling projects are different than those popular just a few years ago. With declining home prices, homeowners are much more focused on spending less to improve their homes. At the same time, homeowners find that remodeling their home offers a cost effective alternative to moving. While home additions haven’t made the top 10 remodeling list for years, in 2010 the attic bedroom topped the list!
So let’s explore 2010′s top remodeling trends and how they can help you plan your bathroom remodel or other home makeover. If you’d like to explore the survey data, you can read Remodeling Trends Focusing on Lower Costs, which includes a table showing project costs and cost value ratios from 2002 to 2010.
Exterior replacement projects provide the best payback.
Many remodeling projects are optional but maintenance isn’t. When your home has wood rot or it’s time to paint your home to prevent wood rot, it’s the perfect time to consider replacing high maintenance items like windows and siding with low maintenance alternatives like vinyl siding or aluminum clad windows. Federal energy tax credits available through year end 2010 plus the ongoing energy savings (heating and cooling) provided added incentives for these projects in 2010.
Creating more living space from unfinished space was a popular strategy.
By finishing existing space, i.e. the attic bedroom or a basement remodel, homeowners got the benefit of lower square foot costs versus additions. Families in the past would have moved for extra bedrooms but now they’re able to add this space for new family members including babies, children moving back home, maybe an elderly parent who can’t live independently and many homes are being stretched to accommodate extended family members unable to afford independent housing.
Cost conscious homeowners are picking less costly remodeling projects.
When homeowners scale back their bathroom remodeling projects or use lower cost materials, they can anticipate higher returns when selling their homes. The kitchen cost value percentages tell the story with minor kitchen remodels expected to recoup 78% of initial cost, major kitchen remodels 72% and upscale kitchen remodels only 63%.
Remodeling Tips for You
With all this information it’s sometimes difficult to sort through your options, so here are planning tips to point you in the right direction. Every situation is unique and you’ll also want to consider how long you plan to stay in your home when planning a home remodeling project.
- Home maintenance is important and should not be deferred. When you need a new roof, get it done as delays can add costly repairs for a roof leak that damages interior space.
- Next you’ll want to focus on your family’s lifestyle and the activities that home remodeling can enhance, i.e. a kitchen with space for the kids to do their homework or a garage that includes a gardening center so you can grow food.
- When you buy a home they say it’s all about location, location, location. When remodeling a home it’s all about planning, planning and planning. Even if you’re going to implement your kitchen remodel in stages, plan the entire project first so you know how all the pieces will fit together.
- Take time to verify you’re spending the right amount … on the right project for your home and your location. The latest Remodeling Cost vs Value report is a good place to start and the 2010 report includes cost data for 9 US regions. Reviewing your remodeling plans with a real estate professional or home appraiser (home inspector for replacement projects) is also a good idea.
