We are sharing this list of the top renovation projects for 2013 in the Washington, D.C. and Maryland Areas. With the housing market recovering, spending on remodeling projects is rising. Homeowners spent 9% more on renovations in 2012 than the previous year, according to an April study by the Joint Center for Housing Studies at Harvard University. Whether you’re considering increasing the resale value of your home….or you simply want to make your surroundings more comfortable, renovation spending is expected to increase again this year, the study says.
The top renovation projects for 2013 that homeowners will make, according to the latest American Housing Survey, are upgrading appliances and major equipment as well as flooring, paneling, ceilings, windows and doors. Adding a garage at a median price of $15,000 is the most expensive project. Kitchen remodeling, at a median price of $5,000, is the next most expensive followed by roofing at a median cost of $4,559.
According to the housing experts, the top remodeling projects in 2013 are being fueled by several factors. Rising home equity has given owners incentive to resume spending on improving their properties. Underwater homeowners who would like to sell, but can’t, are upgrading instead. Many who are not underwater are drawn in by the seller’s market and are
investing in renovations that can help them get top dollar once they list their property for sale. Elderly people are investing money into wider doorways, ramps, elevators and accessible showers so that they can remain independent in their homes as they age.
Many homeowners who want to increase resale value when they list may feel clueless in determining what projects will yield the best return. Homeowners looking for the greatest return on their investment should start at the front door with a steel entry-door replacement. The job will cost an average of $1,207 in this region, and will yield about 98% in resale value.
Vinyl siding replacement averages about $12,007 and yields about 84% return. Adding a wooden deck is also another good investment costing an average of $10,696 and the return is about 91% at resale. A major kitchen remodeling recoups 72.5 percent of its cost compared to 85% for a minor kitchen remodeling project.
We think sharihng this information on the top renovation projects will help you become familiar with those projects to spend your money on and to help you set priorities. Most people improve their homes based on their lifestyle needs and do not focus on resale. It’s not necessary to spend a ton of money on a remodeling job if the homeowner is willing to put in a little work.
If you are considering making renovations to your home this summer, consider these top renovation projects that will surely bring the most resale value on your investment.