Exploring Home Remodel ROI

 

According to a new study published by “Today’s Homeowner,” most home improvement projects do not necessarily pay for themselves. To calculate a homeowner’s Return on Investment (ROI), researchers estimated the total value of certain improvements added to a home based on its sale price. Then, they divided the extra value by the project's average cost. 

Only one out of 34 different remodeling projects in 70,000 homes broke even: replacing a garage door. Some other improvements did come close to breaking even, however. Wood windows came in with an estimated 96 percent of the cost, and a screened-in porch was 93 percent. Replacing wooden decks with composite was another higher ROI, at 87 percent.

For all projects, the average was 69 percent ROI. Finishing a basement had the smallest ROI, at a mere 23 percent. For the right buyer, though, finished basements make all the difference. 

Home improvements and repairs are expected to jump to $485 billion in 2023, with kitchen and bathroom renovations returning up to 75 percent of costs. 

While the outlook might look grim, resale price is only one way to measure value. If a home renovation increases energy efficiency or reduces insurance premiums, it’s an ROI, but differently.  

When it comes to kitchens and bathrooms, the best value for ROI is countertops and appliances, according to the study. Smaller kitchens tend to have a higher ROI than larger ones. 

Are you thinking about remodeling your home or office? For premier, top-quality work, contact JFC Remodeling for a free estimate. 

JFC Remodeling is committed to providing top-quality home reconstruction services to clients throughout Livingston County. With over 30 years of experience in the industry, our licensed contractors create unique, individualized, and polished renovations. Whether the site requires an improvement, repair, or is a new construction, you can trust our experts to deliver remarkable results. Call or email us to learn more.

Written by the digital marketing team at Creative Programs & Systems: https://www.cpsmi.com/ 

Big Home Renovation Trends to Watch in 2023

 

With homeownership comes the ability to make it your own. Adding your own personality and following design trends throughout your home can make a huge impact. Remodeling your kitchen, updating your bathroom, installing a fence, updating plumbing or HVAC, etc., can boost your home’s comfort for years to come.

Renovations in the new year are expected to be more mechanical versus cosmetic due to the rising cost of materials and high inflation. When choosing between fixing a broken fence or repairing a burst pipe, homeowners are expected to select the more critical option. 

Here are some forecasted trends on the horizon for 2023:

Home Offices
Following the pandemic, many people continue to work from home. Renovating home offices is expected to continue on trend throughout 2023. For professionals who own businesses, the convenience of being at home outweighs purchasing or renting a commercial space.

Energy Efficiency
As an increasing number of people reduce their carbon footprint, the eco-friendly aspects of a home are expected to rise. The Inflation Reduction Act incentivizes homeowners to craft energy-efficient home updates in 2023 with the Energy Efficiency Home Improvement Credit. Experts project a monumental shift toward solar energy this year by installing subsidized solar panels. Increasing utility bills have caused many homeowners to seek smart HVAC systems to monitor and track their usage and spending. Adding insulation and installing energy-efficient appliances, low-flush toilets, etc., are expected to be trendy in 2023. 

Outdoor Living
Piggybacking on our first trend of more homeowners spending time at home, many people are seeking to maximize livable space. Decks, patios, gardens, outdoor kitchens, pools, and other outdoor amenities are expected to rise in 2023 as homeowners look for comfortable and functional options to complement their at-home lifestyle.

Multi-Dwelling Residences
Rising interest rates and real estate costs are being shared between new homeowners who want to split their home into multiple residences. Multi-generational living is expected to be a huge trend in 2023, as the economy has shifted and an increasing number of children are going back to live with their parents, or aging parents are opting to move in with their grown offspring. 

Are you thinking of updating your home to include a dedicated home office, improve efficiency, update your kitchen, or more? Contact the home renovation experts at JFC Remodeling today. 

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JFC Remodeling is committed to providing top-quality home reconstruction services to clients throughout Livingston County. With over 30 years of experience in the industry, our licensed contractors create unique, individualized, and polished renovations. Whether the site requires an improvement, repair, or is a new construction, you can trust our experts to deliver remarkable results. Call or email us to learn more.

Written by the digital marketing team at Creative Programs & Systems: https://www.cpsmi.com/ 

Holiday Home Safety Tips

It’s a jolly time of year for most, filled with upbeat spirits, laughter, and celebrations. While we endure the hustle and bustle of shopping, wrapping gifts, cooking, baking, and preparing for the upcoming festivities, it’s important not to overlook safety. Read on to learn some common safety hazards that are often overlooked.    

 

·         Never leave cooking unattended. The most common cause of cooking fires is from the stovetop or fryer. Be sure to observe small children in the kitchen and remove any clutter near the cooktop that may ignite other flames. Clean built-up grease from the cooking area, including the hood vents.

 

·         Don’t leave lit candles unattended. December is the peak month for candle fires, and holiday decorations like festive greenery and wrapped presents increase the combustible hazards. Be sure to use sturdy candle holders on clear and steady surfaces. Do not allow candles to burn all the way down, especially if they are within a glass jar, as they can explode when the glass gets too hot.

 

• Prepare for bad weather. Keep salt and snow shovels nearby to clear walkways as needed. Ensure that gutters are free of debris and ice dams to prevent water damage. If you own a generator, ensure it is in good working order and NEVER use it indoors or near an open window, as carbon monoxide fumes are incredibly toxic. Running generators should be at least 20 feet from the home, windows, or garage, and the exhaust must be pointed away from the home. 

 

·         Keep your chimney clean. If you have a fireplace or a wood-burning stove, it’s imperative to clean the chimney at least once a year. Creosote is the buildup of residue in chimneys and contributes to 25% of heating-related fires. Be sure to soak hot ashes and store them in a metal container until there are no embers. Also, keep objects at least three feet away from heat sources, including space heaters, which cause 43% of home heating fires. 

 

·         Don’t overload your electrical wires. Be sure to follow instructions on lighting equipment and your surge protector. Use clips, not nails, to secure lights and prevent damage to cords that can spark fires. Christmas tree fires often occur due to inaccurate electrical distribution. Keep them watered, away from heat sources, and get rid of them shortly after the season, as dry trees become extremely flammable.

 

·         Check your smoke detectors at least once per month, and replace the batteries every six months, even if they still hold a charge. The detector itself should be replaced every ten years. An easy reminder is during the fallback and spring-forward time changes, or at the end of the year and mid-year.

 

Happy Holidays from JFC Remodeling! Stay safe and call us if you’re in the market for some home remodeling.

 

JFC Remodeling is committed to providing top-quality home reconstruction services to clients throughout Livingston County. With over 30 years of experience in the industry, our licensed contractors create unique, individualized, and polished renovations. Whether the site requires improvement, repair, or is a new construction, you can trust our experts to deliver remarkable results. Call or email us to learn more.

 

Written by the digital marketing team at Creative Programs & Systems: https://www.cpsmi.com/