Due to low-interest rates and a shortage of affordable starter homes, the real estate market is seeing inflated prices and bidders over asking on most homes even before they are officially on the market. In the popular Pacific Northwest, this is basically business as usual.
In April, real estate brokerage Redfin released its annual migration report, which tracks homebuyers looking to move from one metro area to another. According to the report, the maximum home buying budget for out of towners was 14% higher than metro residents looking to buy locally.
To relieve the pressure of finding a forever home, many homeowners choose to create one inside their current house. In fact, home renovation spending increased 3% last year to $271 billion. Harvard University’s Joint Center for Housing Studies predicts spending will reach $281 billion in 2021. It’s always a good idea to keep an eye on the future, and most people eventually sell their homes. Any way you slice it, creating your forever home costs money, so you might as well remodel in a way that ensures the most return on your investment.
What should you remodel in 2021?
Your outdoor space.
Migration among homebuyers is high because the coronavirus pandemic has proved that many employees can live anywhere and work just as efficiently from home as in an office. And as people spend more time at home, they want to utilize all the space they have. The numbers show again and again that a tasteful, livable, multipurpose outdoor space is at the top of the list for both homebuyers and homeowners. Check out these great tips from experts at Crystal Remodeling on building a backyard kitchen that will suit your lifestyle and wow your guests.
Your bathroom(s).
Surprisingly a bathroom remodel recoups more than 50% of the final expense at sale -- even more than adding an extra bathroom. And a bathroom renovation is in the top five upgrades for both homeowner satisfaction and buyer interest. As more people stay at home for entertainment, meals, and celebrations, a modern upgraded bathroom can feel like the relaxing oasis one needs at the end of the day or the perfect pick-me-up before a shift at the (home or communal) office. From a smart “spoffice” to a perfectly practical children’s chamber room, Crystal Remodeling can create a bathroom for every single body.
Your floors.
When something is underfoot, we can’t ignore it. New floors offer a high return on investment. Homeowners can expect to recoup between 70% and 80% of costs spent on a flooring renovation, especially when installing quality wood floors, which consistently increase a home’s value at sale. Flooring and molding can also provide that extra touch that reflects the period of a house, even when it’s had a complete renovation -- such as hexagon bathroom tiles or refurbished craftsman-style baseboards. Attention to the details and finish carpentry make all the difference.
When you are living in your home for the long haul, a renovation should reflect your style and taste while creating timeless value through true craftsmanship and quality materials. The team at Crystal Remodeling can help you find the balance in rebuilding.
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