As the real estate market steadily heats up, American homeowners seem about ready to start remodeling again!
According to a March 27, 2013 Houzz & Home survey, more U.S. homeowners are moving forward with renovation projects than this time, last year. 53 percent of surveyed homeowners believe now is a good time to remodel, and an additional 58 percent of those planning projects in the next two years will hire professional help.
Where did this sudden, remodeling mania come from? The number of homeowners who were holding off from renovations due to financial concerns has dropped from 52 percent 45 percent. Homeowners are also more likely to cut back on other expenditures rather than delay or decrease budgets for their home plans.
In terms of remodeling incentives, aesthetics, upkeep and intention to sell were the three main motives of current homeowners. The Houzz & Home survey further showed that remodeling priorities focused heavily on bath and kitchen renovations.
Over the last five years, homeowners spent an average of $28,030 to remodel their kitchens, and an additional 23 percent of homeowners are planning to either remodel or expand their kitchen space within the next two years. According to Remodeling Magazine,the national average cost for a high-end kitchen makeover is estimated at a staggering $53,931!
Bathrooms, however, reigned supreme as the number one requested job for renovations. 28 percent of surveyed homeowners intended to remodel their bathrooms within the next year. Furthermore, homeowners can expect to recoup at least 80 percent of bathroom remodeling costs when selling their home.
According to Realtor Magazine, deck additions give the best return on investments, with 77.3 percent average nationwide ROI. Major kitchen remodels came in at second, with 59.7 percent, followed by bathroom remodels at 58.3 percent, new roof at 56.7 percent and basement remodel – 70.3 percent
**Mulling over all your remodeling options? If you live in Portland or the surrounding areas, consider Bridgeport Restoration for all your remodeling needs! From bathrooms to basements and everything in between, Bridgeport Restoration is your #1 source for quality renovations at cost-effective prices! **