Own a home? Most likely you’ll be sprucing it up next year.
According to the Joint Center for Housing Studies of Harvard University’s Leading Indicator of Remodeling Activity, annual spending growth for home improvements will accelerate from 2.4% last quarter to 6.8% in the second quarter of 2016.
Why are so many homeowners breaking out the hammers and nails? Because this healthy housing market makes them want to invest even more in their homes—not just in needed repairs but in what the center calls “discretionary home improvements” such as kitchen and bath remodels.
So what should you fix? Well, we’ve got a few ideas as well as our best tips and tricks for remaking the home you live in now.
Start with the front door
When you’re doing work to your home, you should focus on the things that make the biggest impression. That’s why you might want to consider getting a midrange 20-gauge steel door, which, according to our research, is worth 117% more than the money you put into it.
Know what to look for in a contractor
Does your contractor want cash upfront? Is he or she unwilling to supply references? And is the bid so far below the competition that it’s, well, suspicious? Steer clear.
Add, or restore, a fireplace
A working fireplace can heat up your home’s value by as much as $12,000, according to the National Association of Realtors®. Also: It’s awesome.
Consider replacing carpet with hardwood flooring
Plush carpet sure is cozy, but on the whole, buyers prefer the look of clean, glossy hardwood floors. The preferred type of wood and finish might differ depending on your location, though. Also, many people still like to have carpeting in the bedrooms, even if there is hardwood elsewhere.
Don’t convert the garage
You may want that extra living space, but beware of the cost if you try to sell someday. Most people want the option of parking their car indoors, or at least having the storage space. Find out about other interior design trends to avoid, too.
Recycle your leftover renovation materials
Have a few extra, awkwardly-sized slabs of marble? Maybe a shipping pallet or two? There are all kinds of ways to upcycle your leftovers into something cool.
Renovate with the future in mind
If you’re bothering to fix your front walkway or add some closet space, consider how you’ll be using your home in a decade or two. Make a new walkway that doesn’t have steep steps, or make a column of closets that could someday turn into an elevator shaft. And don’t be afraid of grab bars in the bathroom. They make some really good-looking ones these days.
Excerpt taken from http://www.realtor.com
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