Homeowners Targeting Wise Renovation Investments in 2013 ...

With the national unemployment rate still high, the economy still in turmoil, budgets tight and discretionary income limited, homeowners are looking for the best options when it comes to spending their hard-earned money to complete home renovation projects. Although the national economy seems to be stubbornly lethargic, the local economic condition appears much more vibrant. ?Consumers in Texas feel good about their home value and believe making an investment in their home is a solid choice,? says Ralph Stow, president and CEO, Dallas Renovation Group.? The bright spot in the Dallas metro area is that the economy hasn?t been hit as hard as other areas of the country during the past recession.

With 30-year low interest rates?it has become more obvious to homeowners that the wisest choice is to stay in their current homes, making desired improvements there. Most people have decided that it?s much more cost effective to stay in their current homes and to simply change what they don?t like in their existing homes.?And this translates into more remodeling projects for those staying put.? The lower interest rates are helping people refocus, and reorganize their finances toward a safer investment.??Industry experts are noticing that pent-up demand is spurring renovation movement. Even though the economic environment remains uncertain, there are those who are tired of waiting and are proceeding with their renovation plans. With that being said, a common, need-based project can turn into something entirely bigger. Something as simple as a faulty shower pan replacement can trigger a complete bath remodel.

Designed Universally

As consumers look to future renovation projects, next year?s remodeling trends could be viewed as ?new and improved? or ?more of the same.? Universal Design or aging in place continues to be a hot motivator as multi-generational families continue to live under one roof.??The aging-in-place trend revolves around new family values ? aging in place and the need to keep three generations under the same roof.? So, naturally, larger households warrant larger spaces and renovation projects, for that matter.

Kitchen & Bath

Kitchens and master bathrooms continue to be the most desired areas for home improvement projects.??The most recent 2011-12 ?Cost vs. Value Report? from Remodeling Magazine lists kitchens and bathrooms among the best investments one can make in a home.? With the aforementioned low interest rates and reasonable construction costs, most consumers believe that this combination, with a slowly rising home value market, makes for a good investment return,? says Stow.

Design trends for bathrooms and kitchens have turned toward to a transitional or warm contemporary feel. In this design style, mixing disparate materials such as wood, metal, tile and stone are commonplace. Bathroom remodels are always in demand, and getting rid of aging cultured marble tubs, showers and vanities can make a huge improvement without breaking the bank. For bathrooms, brighter spa-like colors are definitely hot. Many elements of other design styles can stay in place, holding remodeling costs down. ?Although the natural-stone look is always popular, advances in the surface and texture of look-alike porcelain tiles has made the Travertine look possible without the natural stone maintenance at a fraction of the cost,? says Stow.

Living Outdoors

Outdoor living areas continue to top the list of remodeling trends as we look toward 2013. ?Outdoor living can range from a simple built-in grill and refrigerator to expansive environments, which include full kitchens, pizza ovens, fireplaces, lighting, tile flooring and fire pits. In the Texas region, topping the list of high ROI remodeling projects, moreover, are bedroom additions, deck additions, patios and energy efficiency upgrades, from appliances to window replacement.

Get Smart

Consumers who are staying put and remodeling their existing spaces are making great investments. Working with a NARI contractor allows consumers to have a basic level of trust that the contractor chosen is more likely to stand behind the work that they do, and is more likely to stay in business. ?A well-planned and executed project with an experienced and reputable company can be an effective approach to mitigating risk,? says Stow.

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Source: http://www.dallasrenovationgroup.com/designblog/homeowners-targeting-wise-renovation-investments-in-2013/

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