Renovation and design projects are not uncommon in the United States. They are actually quite popular. According to a 2013 survey, 84% of homeowners plan to redecorate, 40% plan to build or remodel, and 10% are building a custom home. In general, 53% of homeowners believe that now is an opportune time for home renovation and designs. And why not? There are many benefits that come with home design and renovation work. Creating an elegant, beautiful, personal living space is only one of them.
To give you a better idea of how beneficial it is to redecorate your home, here are three facts about home renovations that are sure to pique your interest:
High Return on Investment
Remodeling projects are well-known for their high return on investment (ROI). Bathroom remodeling, for example, has an average ROI of about 63%. Attic bedroom projects have an ROI of about 80%. Remodeling the kitchen, even for minor details, has a ROI of 73%. Overall, remodeling can increase the value of your home come selling time.
Maintains or Improves the Value of Your Home
As mentioned above, remodeling can turn out large ROIs but, at the very least, they stabilize the current value of your home. Worn-out siding on a home, for example, can reduce the home’s value by 10%. Remodeling can also function as restorative work, and with large ROIs, it most likely will increase a home’s overall value.
They’re Only Going to Increase in Demand: As the baby boomer generation ages and reaches retirement age, home remodeling is expected to increase across the country as baby boomers will need remodeling work done for accessibility purposes. From open floor plans and wider doorways to floating sinks and wheelchair accessible bathrooms, remodeling projects will be in full swing in the years to come.
If you want to build or remodel your home, feel free to leave a comment or question at the bottom.