The summer of 2015 saw some exciting developments in the home improvement world! As more and more homeowners opt to improve and beautify their homes through remodeling, it’s no surprise there have been some great stories in recent months.
For all of the home remodeling buffs out there, the Very Cool Guys have created this list of home remodeling news from the summer of 2015. We’re excited to share these happenings as we head into fall!
1. There are much more people remodeling their homes this year.
According to this article, home remodeling and repair hit $325 billion this year, a level that hasn’t been reached since 2007.
The cause of this home remodeling surge is a huge uptick in home sales this year. With homes flying off the market at the fastest rate since February of 2007, more people are sprucing up their homes to sell, while others are remodeling to their tastes once they move in.
Furthermore, while in recent years most home renovations have involved necessary repairs, contractors are seeing a shift toward bathroom and kitchen remodels. In other words, more people are molding their homes to fit their personalities instead of just fixing what’s broken.
2. For increasing home value, some homeowners are better off installing a half-bath instead of a full bath.
The Wall Street Journal reported this interesting bit of home remodeling news: If you already have five bathrooms in your home, you can increase its value almost as much by adding a half-bath instead of another full bath.
(A half-bath is a bath minus a shower or a tub, for those who don’t know.)
As you might guess, adding a bathroom almost always boosts home value. Single family homes with one bathroom can improve value by 15 percent with a full bath addition, or 10 percent with a half bath.
But the law of diminishing returns applies, because homes that already have five bathrooms experience the same boost in value for half- and full baths, and some homes even see greater improvements for half-baths.
This is good to know if you own a large home and are thinking of adding another bath. Going smaller could be better in the long run, though either will bump your home value higher!
3. Age-in-place renovations continue to grow in popularity.
We’ve written about aging in place before, but the home design website Houzz just did a survey to confirm the ballooning popularity of this home remodeling trend.
According to this article in U.S. News & World Report, over half of homeowners over 60 say they aren’t planning on moving out of their homes anytime soon.
As a result, there’s been a huge remodeling trend toward elder-friendly upgrades: wider hallways and doors, slip-resistant flooring, easy-to-operate appliances, and fall-proof bathrooms. Unlike in the past, most Americans are settling into their homes for the long haul!