Indeed, homeowners are making improvements again.
Home Depot and Lowe’s both reported that shoppers are spending more. Remodelers with the National Association of Home Builders report they’re fielding more customer calls. Remodeling activity is expected rise 5 percent this year, to $121.5 billion, according to Harvard’s University’s Joint Center for Housing Studies.
Whether you’re selling or nesting, start with the upkeep.
“Make certain the first dollars you spend are on required maintenance and repairs,’’ said Ron Phipps of Phipps Realty in Warwick, R.I.
Outside improvements like siding or windows offer the best return, especially in areas with older homes. These aren’t sexy, but they help your home hold its value. And if you’re selling, house hunters will drive by a house in need of repairs.
Government incentives and a focus on green living have boosted interest in energy improvements, said Leslie Sellers, president of the Appraisal Institute, a trade group. Homeowners can cut energy bills as much as 50 percent by insulating the attic or replacing heating, cooling, and water-heating equipment.
On the inside, think small and focus on kitchens and bathrooms.
“I would do the least amount of work to make it look as good as possible,’’ said Darius Baker, owner of D&J Kitchens & Baths in Sacramento, Calif.
Baker recommends cosmetic changes like repainting walls and redoing floors. Cabinets can get a facelift with new doors or hardware. Nationally, a minor kitchen remodeling recoups 78 percent of its cost, and a bathroom remodeling nets 71 percent, according to the survey. Homeowners typically spend between $15,000 and $20,000 on these projects.
If you’re staying put, consider a major kitchen or basement remodeling, which often costs about $50,000.
Perhaps above all else, make sure renovations are in line with your neighborhood’s houses and your own home. Don’t build a master suite that’s too grand for your house, or put high-end stainless steel kitchen appliances in a $150,000 entry-level home.
J.W. Elphinstone writes for the Associated Press.
