A new year usually means resolutions for a brand new you. It may also bring a list of home projects to be checked off the to-do list. If this sounds familiar, you are not alone as nearly 8 in 10 homeowners plan on completing a home renovation project in the next two years. Lifestyle changes such as growing families, children moving out, or accommodating needs due to aging or disabilities are generating the need to remodel. Other motivating factors that drive remodeling activity include increasing property value and optimizing functionality of an existing space, according to a survey by Hausera, a kitchen and bath specialty retailer. Whatever reason finds you in the market to remodel, here is what’s happening in 2020.
A majority of kitchen remodels are trending toward the transitional, contemporary or modern styles. According to the American Institute of Architects, high-tech features like, wireless sound systems, and home-automated security systems are rising in demand. Smart products like fridges with touchscreen technology or Wi-Fi enabled ranges are upgrades that are gaining popularity. Homeowners also desire green products like energy efficient lighting or water saving dishwashers. Large kitchen islands will continue to be a prominent feature in kitchen remodels this year. Matte black, bronzes, golds, and coppers are new hardware finishes that will retain their popularity. In new and remodeled homes there is a rising demand for special function rooms such as in-law suites, home offices, mud rooms, and outdoor living spaces.
According to economists, remodeling expenditures have increased each year since 2012. The Residential Remodeling Index (RRI) is a value that indicates the national level of remodeling activity. It is measured by monitoring economic conditions known to influence the industry. The index reached a new high of 117.5 in the first quarter of 2019, an increase of 0.7% from the fourth quarter of 2018. Projections for 2020 show that a gain of 2.3% can be expected. This is evidence that more and more homeowners are staying in their homes and upgrading.
Whether you are in your forever home or you plan to sell in the near future, it’s smart to know which home remodel projects will bring a higher return on your investment. Here are some of the projects from the 2019 Cost vs. Value Report for the south east region.
- Exterior upgrades – ROI: 52- 132% – These include upgrades of garage doors, siding, windows, decks and roofing.
- Kitchen remodel – ROI: 51- 58% – Depending on whether you are upgrading with mid-range or high-end products and finishes, you can expect to recoup around 50- 60%.This type of remodel includes features such as semi-custom to custom cabinetry, an island, stone or quartz countertops, energy efficient appliances, lighting and flooring.
- Bathroom Remodel – ROI: 49% – Options for this type of remodel might include relocating plumbing fixtures, tiled shower with frameless glass enclosure, soaker tub, cabinets, stone countertops, lighting and heated flooring.
- Master Suite addition – ROI: 40% – With this project, expect features like a sleeping area, sitting area, bookcases or built-ins, fireplace, master bath, walk-in closet, walk-in shower with stone walls/floor, custom frameless glass enclosure, custom vanities with stone countertops, in-floor heating and lighting.
The bottom line is that remodeling not only adds beauty and function to your home, it adds value.
Kitchen & Bath Remodel in Franklin, TN & Spring Hill, TN
Contact By Design Cabinetry to find out about the cabinet lines we carry and the services we offer. We would love to help with your kitchen or bath remodel.