Home remodeling projected to boom in 2016
Posted on Wednesday, February 10, 2016 at 2:09:09 PM
If you're planning to make some home improvements this year, you certainly aren't alone. National Association of the Remodeling Industry members projected that spending on remodeling projects would grow by more than 13 percent in 2016.
"Home improvement spending continues to benefit from the last years' upswing in housing market conditions, including new construction, price gains, and sales," said Chris Herbert, managing director of the Joint Center for Housing Studies at Harvard University, in October 2015.
"Strengthening housing market conditions are encouraging owners to invest in more discretionary home improvements, such as kitchen and bath remodeling and room additions, in addition to the necessary replacements of worn components, such as roofing and siding," Herbert continued.
Besides the kitchen, the bathroom is the top room to remodel as it offers owners a solid return on investment. Bathroom remodels are also far more affordable. While a bathroom renovation averages $9,200, kitchens regularly cost more than double that - about $19,900, according to Realtor.com.
That's part of what's making bathroom projects so popular right now. Requests for bathroom remodeling services rocketed up 64 percent in just the last year. Refacing cabinets was the most common renovation. Installing cabinets, a shower, flooring or a bathtub made up the other top five requests.
While the majority of people paying for bathroom remodels did so out of their own pocket, Realtor.com reported that 17 percent used home improvement financing to get the job done. With projects proving so affordable, and offering consistent ROI, there's no good reason why you shouldn't put financing to use.