February 11, 2017
The Renovations To Make – And Not To Make – In 2017
Thinking of making some changes to your home? You’re not alone. Remodeling is on the rise; the Harvard University’s Joint Center for Housing Studies predicts 2017 more than 8% growth in home improvement and repair expenditures by the second quarter, while Metrostudy’s Residential Remodeling Index (RRI) forecasts “year-over-year growth averaging 4.4 percent in 2017 and 3.3 percent in 2018” after “robust” remodeling activity in 2016 and consistent gains in 18 consecutive quarters since 2011.
With an uptick in mortgage rates, the expectation is that homeowners may turn toward renovations that help them remain comfortable in their existing home, or make changes that will make their home stand out. Sound like you? If you’ve got renovations on the mind, you’ll want to think smart, and that means paying attention to industry trends that can help guide your decisions. Remodeling magazine’s Cost vs. Value Report can help.
The 2017 report was just released, with 29 projects that show “how much it really costs for a professional to do a typical remodeling project, as well as how much a real estate pro believes that project will increase a home’s value if it’s sold within a year of when the work was completed,” they said.