41 COLORADO URBAN HOME FEBRUARY/MARCH 2014

REMODELING n TRENDS

By Nancy Atkinson

With recent signs that home sales are improving and the remodeling industry is turning the corner, it may be time to resurrect the remodeling project you have had on hold. Remodeling magazine’s recent report, “Remodeling Cost vs. Value”, shows that the overall cost to value ratio of projects has improved - reaching 60.6% nationwide. Another good sign from the Leading Indicator of Remodeling Activity (LIRA), recently released by Remodeling Futures Program at the Joint Center for Housing Studies at Harvard University shows that spending by homeowners on improvement projects is expected to accelerate this year. Existing home sales were up almost 9% last year and house prices are increasing in most markets around the Country says Eric S. Besky , managing director of the Joint Center. “This has increased the home equity levels for most homeowners which is encouraging them to reinvest in their homes. Before you call a contractor, review this list of possible renovations that, according to Remodeling magazine’s report, yield the best return on investment.

Improve Curb Appeal Sal Alfano, editorial director of Remodeling magazine, explains that replacement projects are really strong now because they are inexpensive to do and improve the look of the home immediately. “If you get new windows, new siding and replace the front door, the house looks great,” he says. “It sells faster and for more money.” In Denver, replacing your home’s siding with fiber cement siding recoups 80.8% of your cost. Consider replacing other worn components or bringing your home up-to-date by replacing the entry door, windows and garage doors, which are all cost-effective projects that can pay back 70 to 78% of your investment.

Minor Kitchen Remodel A major kitchen remodel is one of the most expensive projects, averaging more than $50,000 nationally. If your kitchen requires only a facelift, consider refinishing surfaces, upgrading appliances and installing new light fixtures; the national average for a minor kitchen remodel is a little over $19,000, and you could recoup 72.1% of your cost. Attic Bedrooms If you need extra room, consider an attic remodel. With an average cost of $50,000 and a payback of 72.5%, an attic remodel is one of the most cost-efficient ways to add more living space.

Baths A bathroom remodel can yield a 62% return on average. Outdated bathrooms require a lot of work and can be expensive to do, but if the flooring is nice and the walls around the tub and shower are in good condition, try giving your bathroom new paint, a new toilet, shower faucet and shower head to get the most bang for your buck.

Wooden Deck Adding a deck or simply improving the one you have is a good idea, since the report showed this addition has a 77.3% return nationally. Outdoor living rooms are becoming the norm, as homeowners stay at home more and want comfy areas they for entertaining family and friends. Clearly not all renovations projects are created equal. Learn more at costvsvalue.com, where you can download a report detailing the projects and remodeling costs for remodeling projects specific to cities across the nation, including Denver.v

Typical Denver Remodeling

PROJECT TYPE COST RECOUPED

Siding replacement (Fiber-Cement) 80.8%

Minor kitchen remodel 75.1%

Attic bedroom remodel 85.4%

Bath remodel 64.5%

Wooden deck addition 78.6%

SMART Remodeling

Advanced Renovations

FEBRUARY/MARCH 2014 COLORADO URBAN HOME 42

Graydesign Architecture

RobinRenato ArchitectureAnd design

Shea CustomHomes

MillerArchitecture

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