An increase in remodeling projects was sparked by so much time spent indoors last year, with many people wanting the stay-at-home experience to be more convenient and comfortable. This spark in remodeling projects hasn’t slowed down in 2021, with home renovation spending up three percent to $420 billion.
Perhaps you too are looking to modify your living space, adapting your home to fit the new normal lifestyle. Many homeowners are transferring their savings from travel and entertainment to home improvements that can deliver a healthy ROI and increase the comfort of spending more time at home and in the yard.
Choosing the Right Project
Getting a good return on investment is a motivating factor for many homeowners. It will depend on the project but you can expect a return of between 75 and 95 percent. For example, new vinyl siding translates to a 75 percent ROI, says Remodeling Magazine’s 2020 Cost vs. Value report. But a garage door replacement can give you 95 percent ROI.
If you’re like the majority of other homeowners surveyed by Home Advisor’s State of Home Spending report, you’ll spend an average of $13,000 on home maintenance and renovation projects this year.
To maximize your investment, you need to strike the proper balance between aesthetics and affordability. It will all come down to the perceived value a potential buyer would place on it, regardless of whether or not you plan to move soon.
Unique designs, creative paint colors and niche decorations may be something that looks good in your eyes, but to a buyer, not so much. They may only be thinking about the expense out of their pocket to reverse what you did and make it fit their preference.
Quality of materials also factors into the equation. Above all, make sure you hire a qualified contractor in Boston to handle the renovation you’re planning.
Top 2021 Home Renovation Projects
Check out the most popular home improvement trends for this year. They don’t have to cost an arm and a leg, either! They just have to improve the look, function, comfort and enjoyment of your home.
1. Bathroom Remodels
You spend a lot of time in your bathroom, so you want to make sure the upgrades you choose will enhance the overall practicality, efficiency and comfort within that space. Replacing toilets, shower heads and faucets with modern, energy efficient ones will not only look sleek and inviting, they will lower your energy bills and conserve water.
The average cost of a bathroom remodel is about $13,000.
2. Interior Painting
This is the second most popular home improvement project among homeowners, with an average cost of $2,000. This is an affordable upgrade that can boost the appearance of your home in all rooms. If you plan to sell your home in the near future, choose neutral colors such as off whites and beiges, which will appeal to the largest range of home buyers.
3. New Flooring
As the third most common renovation project for 2021, this one is also economical, averaging about $4,700. When you replace old carpet with new, or install hardwood flooring, you’re increasing your home’s value and adding to its visual appeal. Hardwood flooring will command the highest property value increase, with an ROI of between 70 and 80 percent, but it will cost you more upfront. Realtor.com says that homes with hardwood floors sold for 2.5 percent more than those with other types of flooring in 2019.
Before you tackle your next home improvement project, heed these trends for 2021. Of course, you can’t go wrong with any renovation, as long as it makes you feel better about your home, increases your enjoyment of it and adds to its functionality.
Contact AD Construction
If you have a project in mind and want a free quote and consultation, contact our experienced Boston Metro contractors and designers at 877-345-BUILD.
