Most Popular Home Renovations and How to Pay for Them

Homeowners want to renovate and remodel their homes, but some projects pay off more than others.

According to the Leading Indicator of Remodeling Activity, overseen by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, home renovation spending increased 6.5% by the end of 2017 to $314 billion. With existing home prices increasing for more than four consecutive years and housing inventory still low, according to the National Association of Realtors, the Joint Center for housing studies predicts that remodeling will continue to increase 7.5% through 2018, to $339 billion.

“Steady gains in the broader economy, and in home sales and prices, are supporting growing demand for home improvements,” says Chris Herbert, managing director of the Joint Center. “We expect the remodeling market will also get a boost this year from ongoing restoration efforts in many areas of the country impacted by last year’s record-setting natural disasters.”

But just about all homeowners are still feeling a bit tentative about making renovations or taking out a home equity line of credit to pay for it. Though TD Bank finds that 55% of homeowners believe their home’s value has increased, only about 41% of homeowners surveyed at the Philly Home Show in January have ever taken out a HELOC to pay for one. Though market research firm Core Logic finds that U.S. home values increased by an average of $14,900 last year, just 51.5% would consider using a HELOC to renovate their homes. As of Dec. 15, 2017, interest from a HELOC is only tax-deductible if it’s used to improve a home, but homeowners have good reason to approach them cautiously.

Many homeowners are still a bit stunned by the last housing crisis and remember all too well how many homeowners were stuck with “underwater” homes worth less than the mortgage on them. At the height of the U.S. housing crisis in 2012, according to ATTOM Data Solutions’ RealtyTrac, more than 12.8 million U.S. homeowners (29%) were seriously underwater. That number has fallen to 4.6 million (8.7% of all mortgaged properties), while the number of equity-rich homes (with at least 50% positive equity) has climbed to more than 14 million, or 26.4% of all mortgaged properties.

“Consumers have been reluctant to start home renovations in recent years because of all the uncertainties in the economy,” said Mike Kinane, senior vice president of home equity for TD Bank. “It’s encouraging to see a growing appetite for these projects.”

Even when homeowners do decide to renovate, they’re being extremely judicious about where and how they spend. According to TD Bank’s Home Equity Sentiment Index, 54% would renovate a kitchen and 46% would renovate a bathroom — with a renovated backyard coming in a distant third at 20%. Roughly 35% of homeowners would make renovations to increase their home’s value, but the folks surveyed at the Philly Home Show had different ideas about which of the following projects would add value:

Bathroom (32%): According to Remodeling Magazine’s Cost vs. Value Report, a mid-range bathroom remodel of $19,134 would return about 70% of its value upon sale of the house. Since people tend to be picky about their bathrooms, an upscale overhaul ($62,000) would only add about 56% of its value. However, a $16,000 bathroom redesign to make it more wheelchair accessible adds about 71% of its value to a home.
Outdoor renovations (23%): TD Bank was thinking decks, patios and pools, and Remodeling Magazine loves the first two. A $54,000 patio adds 48% of its value to a house, while a $17,000 composite deck brings back 63.6%. Can’t afford more than a wooden deck? Don’t worry: About 83% of the $11,000 cost will find its way into your home’s sale price.
Finished basement (15.5%): This didn’t make its way onto Remodeling Magazine’s Top 25 renovations, but those looking to make it into a bedroom and bathroom could recoup up to 57% of the costs.
Adding granite or quartz countertops in the kitchen (3.8%): It’s a shame more people aren’t considering it, as Remodeling Magazine says making this project part of a $22,000 minor kitchen remodel would add more than $17,000 (81% of the cost) to the price of a home.

If homeowners are looking for the best return on their renovation investment, however, they might want to consider a $1,471 steel entry door (91.3% return on investment), an $8,221 stone veneer for the house’s exterior (97.1%) or a $3,470 garage door replacement (98.3%). They may want to book a contractor sooner rather than later, though. The HomeAdvisor Farnsworth index of home improvement professionals finds that while 78% of home improvement companies predict an increase in revenue this year thanks to homeowners taking on large projects, 58% have had a hard time finding skilled labor to do these jobs.

“Despite continuing challenges of low for-sale housing inventories and contractor labor availability, 2018 could post the strongest gains for home remodeling in more than a decade,” says Abbe Will, research associate in the Remodeling Futures Program at the Joint Center.

Original Source: https://www.thestreet.com/story/14519896/1/most-popular-home-renovations-and-how-to-pay-for-them.html

Original Date: Mar 16 2018

Original Author: Jason Notte

March 26, 2018

Timeless Tips for Remodeling Your Bathroom

One of the most unique and personal places in your home is your bathroom. It has been said that to truly understand a person’s living style all you need to do is to look at their bathroom. At that point, it is easy to know lots of things about the home as well as the family living there. Therefore, people always seek new methods for remodeling bathroom.

After the kitchen, bathroom remodeling has become one of the first priorities of homeowners. If your kitchen and bathroom renovations are done properly, it will raise the worth of your home. Your guests will always feel warm and comfortable during their stay in your home.

When you begin to plan for renovations to your bathroom you can get various types of materials that will make them the showpiece of your home. However, getting the remodeling project completed is often easier said than done. A good and licensed contractor can help this process and can aid in making your remodeling adventures as short and sweet as possible.

Considering the important role that the bathroom must play in our lives it is always a good idea to update its look from time to time. Here are few steps to help you remodel your bathroom.

The first step is to select the style you would be comfortable with that is appealing visually while also being neutral enough if you decide you need to sell your home. To get ideas for your bathroom renovation look at sites such as Houzz and Pinterest. Once you get an idea of what you want the goal should be to find a contractor to help recreate a version of your ideas that fits your space.

The next step is to pick a bathroom layout. Check if it suits your needs and respects the space available. A basic bathroom will have a sink and vanity, a toilet, a tub and in some cases a separate shower. An inexpensive design would be to have the basics that require plumbing on the same wall. To counteract the look and feel of being cramped in a small bathroom, try using a glass wall in your shower.

The third step involves choosing finishes. You can choose paint, tile, stone, glass or wood for your wall. For floors, you can choose from tile, stone, wood, linoleum or vinyl tiles. For a vanity countertop, you can choose from tile, stone or plastic laminate. There are many materials to choose from that can change your bathroom into a space you never want to leave.

This involves picking fixtures for your bathroom, like your toilet, sink, tub, and faucets. While cost is often a major factor, people are concerned about style and water conservation. A fourth factor in purchasing a toilet is its flushing ability. Toilets saving water are beneficial for house owners in the long run. When researching retailer’s websites for bathroom fixtures, ensure you get the full picture before making your purchases.

The last and final tip involves hiring a reputed and licensed contractor. Once you have your contractor, make sure you have a written estimate and a clear start and completion date.

One of the best ways to find a licensed contractor who will be a good fit for you is to ask around. Does anyone you know have a recommendation based on having worked with a contractor before? Ask people you trust if they have any suggestions. This will help narrow down your search field so that you have a better pool from which to choose.

Ensure you investigate his or her license and insurance. Most states have a licensing board in place that’s designed to protect consumers and safeguard the integrity of the construction industry. Applicants must pass an exam and pay a fee to be licensed. For the most part, anyone who is established and recognized as a contractor in your community will be licensed, but it never hurts to check!

You also need to make sure that any contractor you consider for kitchen and bathroom renovation is insured. You do not want to be liable for any injury that a contractor or contractor team member suffers while on your property. If you have any questions about a potential contractor’s insurance situation, make sure you resolve them before any work starts.

When it’s time to finally pursue your home kitchen and bathroom renovation, finding an insured and licensed contractor can make all the difference. Do some research ahead of time to make sure that you get a pro who will handle your project the way you want it handled from start to finish.

JFC Remodeling, out of Howell, Michigan, offers a variety of construction services for the home including: kitchen and bath remodeling, flooring renovations, and home remodeling. You can find out more information at http://www.jfcremodeling.com or by reaching out to our home renovation specialists at 810.923.1123.

March 8, 2018March 8, 2018

Eye-Catching Kitchen Cabinet Details You Will Want to Use In Your Kitchen Renovation

Kitchen and bathroom renovations are the in-thing and for good reasons. There are stunning kitchen cabinet designs that you will love to have for your kitchen’s new facelift. If your kitchen’s layout works for you, you do not need to spend thousands of dollars for a complete kitchen remodeling. Instead, work with a licensed contractor to design your kitchen improvements to keep some of what you have and replace the cabinet doors or fronts depending on your budget.

Glass Kitchen Doors

Glass is very versatile and can be used in almost any part of the house to create a luxurious feel. You want the help of a licensed contractor to help you chose a high-quality glass so that it remains flush with the cabinets for its entire lifetime. Instead of leaving the doors bare, your contractor can add an X-design on the front to give it a sophisticated look and finish.

Copper, Brass, and Bronze Cabinet Handles and Faucets

Warm, soft shades of brass, burnished copper and hammered bronze are all the rage right now and has recently appealed to designers as a modern interior trend. These elements are a fantastic alternative to traditional fittings. The good thing brass matches with any color, making it ideal for a kitchen, and because it is reflective, it will make your kitchen look bigger. Brass and copper add an earthy feel to a kitchen when used on the kitchen islands, cupboards or stovetops, plus cleaning is a breeze.

Metallic Screen Doors

The metallic screen door pattern can either be of chrome, aluminum, bronze, or brass and can be used on the doors to add a touch of luxury and to let the cabinets breathe while at it.

Cabinets with Exposed Hinges

If they are not too busy looking for your space, exposed hinges give a period feeling to any kitchen. Imagine white or brown wooden cabinetry with rustic, or black exposed hinges.

Modern Minimalist

Think clean lines, muted monochrome colors, and minimal embellishments.

Under-Cabinet Lighting

Installing lights inside your cabinets is not only functional, but it also enhances the décor, saves energy, and brings about a soothing ambiance.

Backsplash

A kitchen is not complete without a modern backsplash that will fit in with your cabinets and transform your entire cooking space. Backsplashes come in a wide variety of colors, styles and materials such tile, stone, glass, ceramic, that extend from the countertop to the ceiling to lend a contemporary look and warm up a sleek, contemporary space.

February 21, 2018

2018 Trends In Kitchens and Bathrooms

It appears that more and more homeowners are shifting the design perspective to hiring contractors that can handle the design and building all in one. Many problems can arise when homeowners have to communicate with two different professional parties, designers and contractors, so it is a special era of home construction when one contractor does it all.

Designers often blame contractors when problems occur while contractors return the blame to designers when the job goes sideways. It is a better situation for homeowners to get the best contractor and designer for the job from the same spot.

2018 Trends in Kitchen Design and Remodeling

Decades ago, the kitchen was hidden in the back of the house. It was a place where meals were prepared and dirty dishes were washed. Fast forward to 2018 and the kitchen has a much different role. Today, the kitchen is the focal point of the home, the place that brings everyone together at the start of the day or after a long day way. Now instead, the kitchen is paraded in all its beauty and warmth at the very center of the house.

Kitchens have changed a lot over the decades and planning for your kitchen remodel is very important. Technology advances and changing social dynamics have contributed greatly to the rise of the modern kitchen. There is a far bigger focus on open concept homes that revolve around the kitchen so everyone can be together. As with any modern design trend, clean and simple styles have become favorites for homeowners with natural light becoming an essential aspect of the overall look and function of the kitchen space.

With advice from design experts, here are the top trends in kitchen design we expect to see in 2018:

Kitchen Cabinet Colors: White, Gray, and Dark Paint Colors are Elegant and Beautiful
Streamlined Designs, Materials, and Textures
Effective Storage Solutions and Additional Cabinetry
Kitchen Appliances: New Styles and Preferences
Hardwood Flooring is Popular as well as Ceramic Tiling
Single Level Multi-Purpose Kitchen Islands for Storage Solutions
Pet – Friendly Kitchen Spaces

Top Trends in Bathroom Designs and Renovations for 2018

For most people, the bathroom has become a personal sanctuary. It is not just a place to wash off the grit. It is your personal spa, where you relieve the stress of the day and relax. So, when you are renovating your bathroom, you are not just creating a practical bathing space; you are creating a place when you can get away and be yourself. Every aspect and component has to come together towards this goal while also meeting the practical needs of bathing.

If you are building a new home or planning a renovation, the following list of the hottest upcoming bathroom design trends in 2018 should get your creativity going.

The Bathroom Needs to Be Efficient and Comfortable
Toilets are More High Tech Including Seat Warmers, Automatic Lids, Slow Close Features, Adjustable Dryers and More
Brass and Gold Tone Fixtures are Making a Comeback
Lighting Style Including Light Bars and Wall Scones
Under-floor Heating Systems and Under the Counter Appliances
Unique Bathroom Flooring Such As: Hexagon, Arabesque, Diamond, Moroccan Fish Scales, and Chevron Patterns in New Colors and Textures.
Bold Accent Walls & Floors Including Ceramic and Porcelain Graphic Tiles

Conclusion

One common thread has been evident in all home design trends for 2018; homeowners are looking for ways to break from the mold and be unique in their styling. In the bathroom and kitchen designs, they are relying on technology, tiles, and bold accents to make the home more interesting.

February 9, 2018

Clever Kitchen and Bathroom Storage Ideas

Both kitchens and bathrooms are filled to the brim with a number of different accessories. In fact, it would not be a stretch to call them the busiest rooms in the entire house because of how many valuable accessory objects that they hold. Therefore, it is essential to effectively utilize as much space as possible and use every single inch in a useful manner. It is imperative for you to know how to use your space while undertaking kitchen and bathroom remodel. A licensed contractor can bring the most out of the two rooms and their renovations.

Here are some very clever kitchen and bathroom storage ideas to use during kitchen and bathroom remodeling:

Kitchen Storage Options

The kitchen is the room where most of the hard work takes place. Therefore, it is important to make sure that there is less clutter all around it. A clean and tidy kitchen ensures greater productivity.

Following are some clever ideas to tell your licensed contractor for kitchen storage:

Plastic Bag Holder

Place this holder inside the door of a cabinet to make sure it is just as usable but does not interfere with anything. It saves a lot of space.

Racked for Cans

Placing cans all around the kitchen can cause a huge clutter and interfere in many kitchen tasks. Placing all the cans on a designated rack ensures less of a clutter and more organization.

Knife and Measuring Cups Hanger

Much like a plastic cup holder, you can make a holder for knives for measuring cups inside cabinet doors. This ensures usability while also saving a lot of space.

Wine Glass Molding

To save space while also not letting go of your glasses, you can always add a wine glass molding to your kitchen and hang all appropriate glasses from it.

Cookware Organizer

Instead of using standard cabinets for cookware and utensils, it is better to install cabinets that act as cookware organizers. This helps to organize your cookware while making it ready to use.

Bathroom Storage Options

Bathrooms are one of the most used rooms in the entire house. Having a number of accessories in them, such as towels, mats, lotions, body sprays, and such need a lot of care when organizing bathrooms. Here are some clever bathroom storage options:

Wall Cabinet

The most simple of them all, the wall cabinet helps you keep most of your bathroom accessories in the wall and not have them lying around. While making everything neat, it also makes the accessories more accessible.

Vintage Storage

Having small straw storage closets beneath your sink is a great way to keep your things at hand and secure.

Storage Tower

Storage towers are a great way of keeping your things right in the middle, while keeping them all in one place. This is a great way to store toilet paper, towel, and such.

Storage Ladder

Much like the storage tower, the storage ladder keeps your accessories in one place. Preferably the corner. These ladders are also perfect for hanging towels.

Ask Your Contractor For More Ideas

Give your licensed contractor all these great ideas when you are having your kitchen or bathroom remodeled. Most contractors will have some tricks of their own when it comes to extra storage in kitchen and bathroom renovations.

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