With the average cost of home remodeling projects on the rise since 2021, you want to get the biggest bang for your buck right? So where should you invest? Our Remodel-Design-Build Team at The Cleary Company in Columbus, Ohio offers some advice.
Amid the remodeling boom and higher interest rates people are opting to stay in their homes and embark on renovation projects. For most, homeownership is their single biggest investment so it’s essential to make informed decisions to maximize your return on investment (ROI) but there are other factors to consider beyond ROI.
Industry research reports conclude home improvement project spending rose from $328 billion in 2019 to $472 billion in 2022 and is estimated to reach $485 billion at the end of 2024. Of course, we don’t need studies to tell us the home remodeling market is booming in Columbus, Ohio but we can look to the report for indicators of how long we can expect the current conditions to last.
So Where Should You Invest Money When Remodeling?
Kitchens
Kitchen renovations are consistently in high demand. Of course, this makes sense it’s the most heavily used workspace in your home! According to a 2023 U.S. Houzz and Home Study, Renovation Trends, homeowners invested 28% more in kitchen upgrades in 2022 than in 2021.
Renovating your kitchen not only enhances the aesthetic appeal of your home but also provides a high Joy score according to the National Association of Realtors. Common requests include improving flow and function, optimizing space utilization, creating open living spaces, addressing storage concerns, updating tired and worn finishes, and expanding the overall footprint by building an addition or removing walls.
Explore kitchen remodeling costs in Columbus, Ohio ~ Click Here.
Bathrooms
Following closely behind kitchens, bathroom renovations are the second most requested remodeling project we get. Homeowners increased their investments in bathroom projects by 25% in 2022 from 2021. Renovations in bathrooms often include maximizing existing space by reworking the footprint for better flow and functionality as well as cosmetically with upgrades to more energy efficient plumbing and lighting.
Other ways of maximizing investments in bathroom budgets include building larger showers, installing smaller freestanding tubs, and even adding a new bathroom to your home by utilizing existing unused bedroom or attic space. Moving the laundry closer to the bedrooms and bathrooms is another way for creating better functionality and livability in your home.
Explore the costs of bathroom remodeling in Columbus, Ohio ~ Click Here.
Exteriors
Remodeling Magazine’s annual Cost vs Value Report emphasizes the value of curb appeal for giving homeowner’s the most significant ROI. The most popular remodeling projects for the exterior of your home include:
- Adding stone veneer
- Entry door & garage replacements
- Vinyl siding replacement
- Adding fiber-cement siding
- New windows
- Building or remodeling a portico or full porch addition
Explore costs of home exterior remodeling in Columbus, Ohio ~ Click Here.
Upgrading Mechanical Systems
They’re upgrades that are seen as much as felt. A new HVAC system, heat pump or whole house water monitor is not as appealing as a new aesthetically pleasing kitchen or a bathroom spa retreat but investing dollars to ensure your home is energy efficient and safe for your family pays you back with reduced energy bills or insurance and peace of mind.
Aging in Place
A majority of our clients want to stay in their homes longer. As reported in a survey in U.S. News & World Report, 93% of Americans 55 and older want to age in place and feel it is “an important goal”. To maximize livability and safety to be able to do so as independently as possible, our Design Team uses principles of Universal Design to adequately meet the needs of our clients. In fact, we currently have eight Universal Design Certified Professionals (NARI UDCP) on our Team!
For those prioritizing long-term residence, incorporating safety features that facilitate aging in place is crucial. While the report mentioned above deals mostly with health-related technology, we know that adapting the home to live there long term is an important consideration.
Features we feel are important investments are:
- Main living level laundry rooms
- Zero-entry or walk-in showers
- Grab bars that serve dual purposes and are aesthetically pleasing
- Wider doorways
- Minimal or no transition floor surfaces
- Adding a first floor primary suite
Upper Arlington OH
Upper Arlington OH
Making a home functional and safe for you to age in place and extend the years you are able to live independently will not only add to your home’s value but also to your quality of life.
Final Thoughts
While considering the financial implications and ROI of remodeling projects is important, it’s equally vital to factor in the joy and satisfaction derived from the enhancements you make to your home. Many homeowners choose to stay in their current homes due to a connection to the neighborhood, schools, community, and the love for their home. Finding the right balance is key to making your decisions.
Ready to get started on Your Home Remodeling Project?
Our Remodel-Design-Build Team is available to answer your questions and begin the remodeling process by collaborating with you! Contact our Client Relations Coordinator today! Call 614-459-4000 or visit our website to schedule a consult.