Remodeling Magazine recently released their annual Remodeling 2014 Cost vs. Value Report (www.costvsvalue.com), and for the second year in a row, we are happy to report that remodeling is up.
This year’s report notes that there is still progress that needs to be made before the remodeling market fully recovers, “but the 2014 Cost vs. Value Report shows that the national average cost-value ratio is up more than 9%, with 15 projects improving between 10% and 28% compared with 2013 (see ‘Biggest Gainers’).” You can read the full trend report here.
Here in Lancaster County, the outlook is good for remodeling. While this is the first year that Lancaster has been classified as a stand-alone metro area (so data can’t be compared to the previous year), many of the costs recouped locally are on par with Harrisburg, where most values have gained from 2013. According to the report, some of the best investments include garage additions, garage door replacements, major kitchen remodels and window replacements.
While the percentages may be lower than you’d expect, keep in mind that the Cost vs. Value Report is not based on actual projects. Costs can vary significantly depending on materials selected and the size and scope of a project. Read “What the Numbers Mean” for a full disclosure.
Additionally, the National Association of Home Builders (NAHB) recently published their remodeling industry outlook. There they noted that Americans spent $116 billion on home improvements in 2013 and anticipate this figure to continue to gradually increase.
According to NAHB surveys, some of the most popular remodeling / home improvement projects are:
Window and door replacements
Whole-house remodeling projects
Adding or enclosing a porch
We also find these to be some of the most popular renovation projects among our clients. Many indicate that they wish to gain more living space or update their home to better fit how they choose to live today.
If you are considering renovating your home, learn more about how we can help you remodel your home.