The housing market has become more competitive than ever thanks in large part to the introduction of the internet as a tool for both home buyers and home sellers. Since the recovery of the housing market from the bubble burst of 2006 home prices have been on the rise thanks to competitive home sellers. The art of flipping houses became perfected during this time as investors could snatch up cheap properties and make renovations to make a profit by reselling the house. By ensuring that your home is up-to-date with the most energy efficient appliances and aesthetic designs you can stay competitive and help ensure that your house sells.
Renovating the Nation
Studies show that around 35% of all remodeling jobs involved the entire home; while such a transformation is no doubt effective, it is a drastic step that many homeowners may not find necessary. While many people assume that home sellers are the most likely candidates to remodel their houses, studies show that Millennial homeowners were just as likely to remodel their homes as of 2014, driven largely by a desire to make their newly purchased home somewhat more accustomed to their needs or tastes. A majority of homeowners invest in exterior projects to help increase the overall curb appeal of their home; while this can help increase the viewership of their home, experts suggest that the best areas to focus on renovating are the kitchen and bathrooms of your home.
Bathroom Renovations
A survey conducted by the National Association of Home Builders found that bathroom remodeling is the single most requested renovation job in the United States, accounting for 78% of renovations. Home buyers are looking first and foremost at energy savings to help minimize bills; for this reason up to 91% of Houzz survey participants said they plan on installing an energy efficient toilet during their bathroom remodel. The EPA cites leaking faucets, malfunctioning toilets, and other leaks to waste an accumulated 1 trillion gallons of water every year; any drop that is saved translates to savings on the homeowner’s behalf. When it comes to shower enclosures, 79% of home buyers state that they would prefer a glass shower enclosure; another option would be to have a bathtub shell be installed over your existing bathtub to create an entirely new look. Overall, bathroom renovations are the most preferred job for homeowners as they promise an average return on investment of 86.4% — the highest of any renovation job!
Kitchen Remodeling Designs
While the bathroom may be the top pick for home renovations, the kitchen comes in second with 69% of all renovation jobs according to the National Association of Home Builders survey. Half of all future home buyers will be willing to pay more for a kitchen with a hardwood floor; tile is another good choice for a kitchen thanks to its durability and ease to clean up. New appliances are an easy way to increase the value of your home and improve the overall design of your kitchen — trendy home remodelers will actually design the aesthetic of the kitchen around the appliances themselves. A new faucet and sink along with a backdrop can help improve the look of your kitchen; many homeowners prefer deep kitchen sinks or sinks that have multiple basins. A newer trend in kitchen design sees the installment of kitchen islands to help improve storage and countertop space. Islands are easy to install and help add a tremendous amount of work area to a kitchen that may otherwise become congested. Estimates place the return on investment for a minor kitchen remodel at an average of 82.7%. For those looking to get the most out of their renovation budget, consider directing your attention to the kitchen and the bathroom.
