remodel – Gloria Benaroch Sea Bright NJ Broker Associate

The Home Renovation Boom Continues

Gloria Benaroch — Thu, 28 Apr 2022 02:27:11 +0000

The Home Renovation Boom Continues

Home renovation activity and spending reached its highest rate since 2018, according to the Houzz & Home survey, conducted by the home remodeling site Houzz and reflecting the opinions of nearly 70,000 respondents.

Homeowners are reporting a 20% increase in the median renovation spend, reaching $18,000. Houzz researchers note a big part of that growth is from homeowners with higher budget projects who increased their budgets from $85,000 in 2020 to $100,000 in 2021.

The remodeling surge doesn’t appear to be letting up either. More than half of homeowners surveyed say they plan to renovate in 2022, and 46% plan to decorate their home. Their planned budget has increased to $15,000 for 2022 versus the $10,000 amount it had been for the past three years, Houzz notes in its study.

“Renovation activity remains strong due to market fundamentals, including limited and aging housing stock, despite heightened product and material costs driven by supply chain disruptions,” says Marine Sargsyan, Houzz staff economist. “Homeowners are clearly committed to investing in their homes and are exploring diverse funding sources. This is especially pronounced among recent homebuyers, who rely heavily on cash from previous home sales to fund their projects and spend significantly more than the national median.”

Indeed, recent home buyers spent nearly double the national median ($30,000), according to the survey. Long-term homeowners—those who moved into their home six or more years ago–spent a median of $15,000. Short-term homeowners—those who moved into their home between one and five years ago—spent a median of $19,000 on home renovations

What They’re Renovating

Investments in home remodeling rose for interior rooms, the Houzz survey finds. Kitchens saw an increase of 25% in 2021 compared to 2020, or $15,000 versus $12,000, respectively. Kitchens remain the most popular interior room for home updates and also the most expensive to complete.

Other interior rooms in a home that posted an increase in remodeling included guest bathrooms, laundry rooms, living rooms, and guest bedrooms, according to the survey.

Homeowners also are spending more on security systems. Outdoor security systems are the second most frequently installed outdoor upgrade behind lighting.

Financing the Home Renovation

More homeowners are starting to finance their house projects. The number of homeowners who are relying on cash from savings to fund their renovation projects fell by seven percentage points in 2021 to 76%. Homeowners financing renovation projects with credit cards increased six percentage points to 35%. Recent home buyers and short-term homeowners were more likely to rely on cash from a previous home sale (42% and 19%, respectively) to fund their house projects. On the other hand, long-term homeowners were the most likely to use secured home loans at 17%.

As homeowners spruce up their homes, they may find benefits of those upgrades at resale. The National Association of REALTORS®, along with the National Association of the Remodeling Industry, recently released a report that highlights the home remodeling projects that offer potentially the biggest boost at resale. In the 2022 Remodeling Impact Report, they found that refinishing hardwood floors is the remodeling project that pays back the most. Find out what else had the biggest potential paybacks at resale.

Source:

“The Houzz & Home Survey,” Houzz (April 27, 2022)

Renovate or Change?

tomato — Sun, 17 May 2020 18:51:13 +0000

A complete home renovation can cost anywhere from $40,000 to $60,000! So, if you’re a new homeowner, you likely don’t have the budget to tackle that kind of a renovation.

Thankfully, you can put together a fully renovated home for much cheaper. Here are some great tips to show you exactly how to renovate a house on a budget. Your dream home is right around the corner.

Make A Budget

The saying goes that a project will take as much time as you allot for it. The same thing goes with your home improvement projects.

If you don’t decide your budget before you start, your renovation will take up as much as it needs to. This can end up being much more than you can afford.

So, before you even start putting together plans, put together a budget. Make a list of the renovations you want in your home and do some market research. Figure out how much those renovations typically cost.

Once you have a budget in place, you can move forward with the rest of your renovation.

Plan, Plan, Plan

Before you renovate anything, you should have an idea of exactly what you want your new space to look like. This will help you maintain your focus.

It will help you identify weak spots in your renovation plan before you even start. Maybe you hang a color palette for your kitchen, then a month later you realize you don’t really like those colors. At least you determined that before you bought the paint and other items in those colors.

A solid plan will keep you from getting distracted by the latest fads and trends. You know exactly what you want. Maybe you have decided that you want a sleek kitchen. So, when wicker trends come into style, even though you love the look, that means you won’t be using any wicker in your new kitchen.

Paint Is Your Best Friend

Often, a new coat of paint goes a long way when it comes to giving your home a new feel. As often as possible, repaint instead of replacing. This applies to cabinets, walls, doorframes, and even doorknobs.

Doorknobs themselves can cost anywhere from $10 to $60 each! A can of metallic spray paint will run about $8.

If you can upgrade it with a new coat of paint, and it already functions well, then there’s no need to replace it. This alone can save you hundreds or even thousands of dollars.

Repainting walls can give rooms a brand-new feel, and it doesn’t cost much. You can opt for classic styles or look online at samples of rooms you like or search for a color palette that you think would look wonderful in your home.

Focus On Your ROI

If you plan to sell your home in the next few years, focus on renovations that are likely to have the highest ROI. Of course, this is your home too. So, if there’s something you would love in your renovation, add it.

Kitchen remodels, decks, and improving your curb appeal typically see the biggest ROI. Replacing the garage door is expected to provide a return of 97.5%.

Different projects have different rates of return. As you renovate your house, keep in mind three things.

Why Do You Want This Renovation?

If your home wishes involve big bay windows and a little breakfast nook, then go for it.

But remember that the reason you’re adding this renovation is that you want it. Don’t expect a return on investment, and seriously consider if the cost will be worth it.

Is The ROI Worth It Right Now?

If you’re doing a renovation for the ROI, hopefully, you plan to sell your house soon. If not, it may not be worth it right now. The newer the renovation, the better the ROI. People like to know they won’t have to fix something for a long while.

If you don’t plan to sell your home soon, and your current appliances still work, postpone it. This will help spread out your expenses so you can handle them better.

Is It Good Enough Right Now?

Consider if you need a full renovation. Is an appliance functionally sound, and just needs some cosmetic improvement? If that’s the case, you can save big bucks by holding on to functioning appliances longer.

Upcycle And Recycle As Much As Possible

Habitat for Humanity ReStore sells excess building materials. You can save money by shopping there instead of Home Depot.

Where possible (and practical) look to use recycled materials as much as possible. Not only will this help your bottom line, but it’s also better for the environment too.

Upcycling old decor can add a lot to your home’s personality as well. For instance, if your bathroom needs a new mirror, consider shopping at thrift stores. A beautiful antique mirror will do a lot more for your space than a slab of glass from Wal-Mart.

Pay Attention To The Pay Off

Especially when you renovate and update appliances, pay attention to the cost-saving value. Sure, an eco-friendly fridge might be more expensive initially. But by replacing it, it will save an average of $270 over the next five years.

The more you do this throughout your home, the bigger your annual savings. One of the best places to focus on eco-friendly choices is actually with your lighting.

Switching to eco-friendly bulbs or adding dimmer switches can give you a bigger pay back. Plus, the mood lighting in your home can make the environment more vibrant or cozy, depending on your design.

Don’t Forget Landscaping

A dead yellow lawn takes away a lot from an otherwise beautiful home.

When you’re planning your landscaping, consider what you predominantly use the space for.

If you love reading in a hammock, you can fill your lawn with bushes, tall flowers, and decorative stones. Then add a little end table next to your hammock for an umbrella and a book.

But if you have three active boys, you will probably want to invest in the turf that can withstand a lot of wear and tear. Don’t skimp on your lawn if it’s going to have to handle a lot of activity. If you skimp it could be destroyed within a year.

Another good idea is turning some of your outdoor space into a garden. If your HOA allows, you might be able to do this with both your back and front yard. This gives you much better use of the space than an empty lawn. It’s decorative, beautiful, and good for the environment.

Plus, you’ll have healthy homegrown vegetables all year round. This, in turn, can cut down on your grocery expenses.

Most importantly, focus on sustainability in your yard. Try to incorporate the natural landscape around you. Decorate with plants local to the area. They’ll last longer and grow healthier. They’ll also be less of a drain on your water supply and require less attention.

Even if you live in a desert, you can have stunning landscaping that fits the place you live in.

Final Tips

You’re a frugal person who knows how to make a dollar stretch. Don’t forget to use the money-saving hacks you already know when it comes to a renovation.

Take advantage of deals and DIY where you can. But don’t be afraid to pay for a professional on hard issues like electric and plumbing.

Focus on big impact renovations first, like flooring, lighting, and paint. Then pay attention to your small impact renovations.

Remember, little details have a big impact. This is your space, so create it the way you want.

Focus On Interior Design

If your home feels outdated, the issue might not be your home. It could be your furniture that’s the problem. These days, people are focusing on designing cozy, chic, and eco-friendly interiors.

Consider trading in your furniture for something that better suits your space. Put in the effort to make it feel exactly the way you want. Pretty paint won’t help much if your couch still looks like it comes from the seventies.

Look for ideas to decorate your home online. Pinterest and other site have thousands of ideas that you can look at to glean details that will make your space just the way you want it. You can also get inspiration from magazines or googling ideas for remodels.

Focus on how much space you have. For example, if you live in a tiny home, you don’t want to look up remodels for gorgeous huge kitchens. You want something that fits the space you have. This will make it practical, and more fitting for you.

Now You Know Exactly How To Renovate A House On A Budget

These tips show you exactly how to renovate a house on a budget. It takes a bit more creativity, but it’s not hard. Often, you can get an entirely new feel for your home by painting or upgrading your furniture.

With these tips, your dream home renovation is right around the corner.

Looking to sell your current home or buy a new one? Call me 732.245.4031

10 Kitchen Renovations Tips

tomato — Thu, 19 Oct 2017 13:34:44 +0000

DO YOUR RESEARCH Use websites like Pinterest to search different kitchen styles. Once you have an idea of what you want you can add and subtract feature based on your budget
PLAN FOR EFFICIENCY Your plan should keep essential appliances within arm’s reach. Consider a refrigerator drawer under the counter. the refrigerator is usually out of the way.
HIRE A PROFESSIONAL The kitchen is more than a place to prepare food. It’s the center of the home. It requires a design professional to understand all the family requirements and act on those needs. When moving appliances, opening walls, changing plumbing working with a professional from the get is going to save time and money.
PICK A FOCAL POINT A great tile back-splash has a big impact. Or choose a statement range hood. A massive custom made in solid iron or copper makes a great focal point.
MAXIMIZE NATURAL LIGHT Additional windows can open up a kitchen. Consider replacing double hung windows above kitchen counters with casement style windows, this allows easy opening of windows.
LIGHT PROPERLY This includes task lighting for work space and under or above cabinet ambient overall lighting. There’s plenty of great looking lights that are inexpensive.
SIMPLIFY Designate a spot for recycling, keeping kids snacks in lower cabinets, plan for outlets for charging all you devices and hang a notebook for grocery lists or a family calendar. Or write directly on the wall with chalkboard paint.
PICK THE RIGHT MATERIAL choose matte finish counter-tops that don’t show all the crumbles and spills.
TAKE SMALL RISKS Introduce small doses of color in objects that can easily be changed out like bar stools,pillows.
SPLURGE WISELY Ask yourself if you’ll really use that pot-filler or the second dishwasher. It may sound strange, but save on cabinets and splurge on the hardware.

Scaled Down Remodeling

tomato — Fri, 26 Mar 2010 13:05:00 +0000

Amid the recession, homeowners who hired contractors for home remodeling in recent months most offten tackled small scale jobs and replacements according to the Remodeling Magazin 2009-2010 Cost vs. Value report.

Exterior replacement projects like doors and windows continue to recoup the most dollars at resale, which makes them attractive to sellers looking to improve curb appeal. These projects are among the least expensive to complete. Other high ranking projects were siding replacements, attic bedrooms and deck additions.

The least recouped item were sun rooms, upscale master suites, upscale garage additions and upscale bathroom additions.

Remodeling magazine has posted project data for 80 US cities at bit.ly/1nYd47

4 Rehab Must Dos for Today’s Market

tomato — Thu, 05 Feb 2009 22:09:00 +0000

Kitchen Island ideally one with lots of storage
Sealed shower multiple shower heads and outside vent to prevent mold build up
Stainless Steel Appliances essential today at almost every price point
Universal Bath Design

Two rooms that consistently make the biggest impression upon buyers are the kitchen and bathroom! Even in today's economic uncertainty buyers and homeowners are willing to spend on upgrades to these two essential rooms.

Homeowners may give up the granite countertop to get an island or vice versa as long as they get that certain look that creates a high polished look that they've seen on TV or the magazine.

The growing importance of the kitchen as a living space, has added the desire for quality.

In markets good and bad a cheerfull kitchen will get buyers past a multitude of issues, which is why white kitchens are still the color of choice. Beach houses are often done in fresh white shaker style cabinets and white soapstone or marble countertops. On the other side inland horse country homeowners tend to choose more rustic, soft glazed, creamy whites, cherry and recycled copper accents.

Lighting – natural and manmade – is HUGE in kitchens and even more essential in bathrooms. Ideally in bathrooms lighting should come from both above and the side to prevent shadows.

Easy lighting upgrade is to add dimmers to all lighitng so that
you can adjust the light to the job and the mood.

Storage Galore is the name of the game.
No matter how big the kitchen or bath there is always a need for storage. A walk in pantry in the kitchen is an upgrade that buyers drool over.

Kitchen islands are also turning into storage centers as they grow in size and shapes. Built=in wine racks, undercounter refrigerator drawers and appliance storage all add to the island's versatility.

In the bathrooms it is all about decluttering with builtins which a good experienced realtor will tell you increases buyer appeal. Electrical outlets hidden in the cabinets keep unsightly electric items out of sight.

If you thought refrigerator drawers were only for the kitchen, think again. Refrigerated drawers in the bathroom are great for cosmetics, medicines and even orange juice for the quick pick me up in the morning. Warming dawers as well are popular to keep your towels anice and toasty.

Just as kitchens have grown in size to accomadate different living, so too are bathrooms expanding their role. Some include exercise quipment, reading nooks, ventless fireplace and multiple tv's.

Easy storage upgrade add roll out shelves in kitchen cabinets and drawers in bath vanities for easy access and organization.

Five Retrofits Buyers Love

Tile Backsplash
Add undercounter lighting
Paint the upper cabinets in a different color for a custom look
Add doors with glass panels to some cabinets
Change the hardware for a fresh new look

Five Kitchen and Bath Features BuyersWant Most

Shower Stall in Master Bath
Eat -in Kitchen
HIgh End Appliances
Granite Countertops
Kitchen Island

Custom is King or the impression of custom

Islands in particular are getting the feel of custom like fine furniture with columns, toe boards, moldings. Different surfaces and finishes on counters or wall cabinets are affordable ways to create a custom feel.

Panels that blend the refrigerator and dishwashers into the cabinetry are another way to create a sense of quality.

Remember design choices in baths and kitchens depend on personal taste and how long the homeowners intend to stay in the home. Those who plan to sell in five years or less, should focus on personalized touches using paint, backsplashes and accessories. IF you are contemplating redoing the kitchen remember a bigger kitchen is better so this may be the time to knock a wall down.