Here’s some exciting remodeling news. It seems like this year is a good time to improve your home, especially if you’re looking to remodel your Annapolis kitchen and bath. We collected findings from recent home improvement studies, and this is what we gathered:
Remodeling Is on an Upswing
A new Houzz Barometer study found that over two-thirds of companies in the home renovation, building, and decorating markets experienced revenue growth in 2014. In the building/remodeling category alone, around 72% professionals said that actual revenues met or exceeded their initial expectations.
With the economy strengthening and house prices recovering, we’re likely to see a repeat of last year’s performance. Majority of pros are confident—over 80% say they expect growth in gross revenue and profits this year as well.
More People Are Improving Their Homes
As the industry continues to recover, more homeowners are regaining their consumer confidence. They’re engaging in more projects, of bigger scale to boot. In fact, according to similar reports by the Joint Center for Housing Studies of Harvard University, homeowners have been doing more discretionary improvement projects in the past few years.
Discretionary remodels and additions aren’t considered urgent, and homeowners can put them off when economic conditions aren’t at their best. Spending for this category rose by $6 billion from 2011 to 2013, a significant increase we haven’t seen since 2007.
Common forms of discretionary projects are kitchen and bathroom remodels. In 2013 alone, updates for these parts of the home accounted for 17% of total homeowner spending.
While generally seen as lifestyle upgrades, these projects actually recoup your money fairly well. This might explain why homeowners are so attracted to them. According to Remodeling magazine’s “2015 Cost Vs. Value” report, midrange bathroom remodeling in Bethesda MD and the rest of the South Atlantic area can recoup your investment by 72.7%. Similarly, a midrange minor kitchen remodel can return up to 77.8% of your dollar, while a major one can give back up around 67.4%
We at Blair Construction are masters in giving your kitchen or bathroom an eye-catching upgrade. We don’t just arrive at your home and start unbuckling tiles either. We work with you at every step of the project, from design to actual construction.
Remodeling looks promising this year. Don’t let your home fall behind! Talk to one of our renovation experts at (410) 729-0777 and set up a free in-home consultation and estimate to see which of our many stellar services suits your needs.