Homeowners are Back in Renovation Mode
Got the urge to renovate your kitchen or paint your master bathroom? You’re not alone. REALTOR® Magazine recently ran a feature story about the current boom in home rehab. It seems that homeowners are remodeling their homes in soaring numbers.
The story cites a report from the Joint Center for Housing Studies of Harvard University. That report said that spending on discretionary home improvement projects rose by nearly $6 billion from 2011 through 2013.
That’s a big number. And it’s the first rise in home improvement spending since 2007, according to the center.
Why the big increase? The REALTOR® Magazine story suggests that many homeowners are ready to enter the housing market again, and are preparing their current homes for sale. Then there are the federal and state subsidies that make it more affordable for owners to install energy-efficiency upgrades in their residences.
Finally, the story points to a jobs market that is in recovery mode. This is inspiring many owners to take on home improvement projects after having delayed them for years.
If you are ready to join the crowd, where is the best place to spend your renovation dollars? The two most important rooms when it comes to selling your home are usually the kitchen and bathrooms. You should, then, focus on modernizing these rooms if you are preparing your home for sale. Such improvements will make your home more attractive to a greater number of potential home buyers.
If you want to make living in your home more affordable, consider installing new windows and heating and cooling systems to lower those monthly energy bills.
Spending your rehab dollars wisely can give you an advantage when it’s time to sell your Chicago property. But before you do invest in a kitchen upgrade or the addition of a master bedroom, call a REALTOR® who knows your neighborhood. You want to make sure you’re not spending too much for your local market.