A strong housing market is giving homeowners the confidence to invest in remodeling. In fact, homeowner spending on improvements and repairs will approach $340 billion in 2018, an increase of 7.5 percent from estimated 2017 spending, according to the Leading Indicator of Remodeling Activity (LIRA) from the Joint Center for Housing Studies of Harvard University.
Remodeling can add value to your home while also making it more livable, but not all remodeling projects are created equal. While the choice to remodel is individual, there are many studies that show some projects return more on your investment than others. Fortunately, some of 2018's leading remodeling trends also have great ROI.
Trend 1: Bathroom additions
Adding a bathroom can add comfort and convenience for current homeowners, plus catch the eye of potential buyers. A bathroom addition recoups about 60 percent of the cost, according to Remodeling magazine's 2018 Cost vs. Value report.
A top trend in 2018 is adding bathrooms to unique spaces, meaning not letting existing plumbing limit your options. This might include adding a small powder room on the main floor or adding a full bathroom to the basement where there is no current drainage.
Homeowners can get the valuable bathroom addition they want without cutting concrete or undermining the structural integrity of the home by opting for above-floor plumbing features such as a macerating toilet and drain pumps from Saniflo. The Saniaccess3 is a smart choice for full baths, and the Saniaccess2 is ideal for powder rooms.
These compact systems can fit into a closet, beneath a stairway or even be built into the wall. When the project is complete, it will look like any conventional bathroom, but above-ground plumbing options make it possible to put a bathroom virtually anywhere — even in the garage or outside. Learn more at www.saniflo.com.
Trend 2: Home exterior updates
You never get a second chance to make a first impression, and this is true for houses as well. With this in mind, homeowners are focusing their efforts on the house exterior in 2018.
Some exterior remodeling projects can be costly and time-consuming, such as replacing siding and windows or redoing landscaping. To get a big visual bang for your buck with great ROI, consider replacing your garage door. The average garage door replacement job cost is $3,470, according to the Cost vs. Value report, plus it has a whopping 98 percent cost recouped at resale.
Want to take exterior upgrades one step further? Consider replacing your existing entry door with a new steel option that matches your new garage door. Your house's facade will be completely refreshed, plus that door recoups 91 percent of the cost.
Trend 3: Smart home upgrades
You have a smartphone, smart watch and smart TV; it only makes sense that you also want to bring the convenience of technology into your remodeling projects with a smart home.
Smart homes have been trending for some time, but in 2018 this trend could reach a tipping point thanks to wider availability and more affordable options. What used to cost thousands may now only cost hundreds, and you might be surprised how many DIY options you can now find at your local home improvement store.
Some of the most popular technological enhancements for the home include smart lighting controls that save energy and let you customize lighting in every room of your home. Smart door locks and security systems are also valuable additions.
If you're looking for an affordable way to enter into the smart home market, consider a smart thermostat or smart smoke detector. Technology is bound to make your home more comfortable and safe while boosting the bottom line come sale time.