Cost Vs. Value 2017
For the 30th year, Remodeling Magazine has released its Key Trends in the 2017 Cost vs. Value Report, working to give us unbiased 3rd party reporting on what it really costs to renovate the 29 most common projects across 99 markets nationwide.
Key Trends in the Remodeling’s 2017 Cost vs. Value
By Rob Mortell, Marketing Coordinator, Advance Design Studio Ltd.
Also weighing in on trends, two ideas seem to dominate the remodeling landscape for 2017:
Number One: Homeowners are staying put choosing to remodel instead of move, and
Number Two: According to the trends “Greige” is here to stay for a little while longer.
Why Stay Put?
According to the article, “Over the next few years, as mortgage rates increase, we expect more people to choose to stay put in their current homes and renovate, giving further support to a stable forecast for the remodeling industry,” Mark Boud, Metrostudy’s chief economist, said in a news release. Metrostudy is a sister company of Remodeling.
With more and more Americans feeling stable in their jobs, combined with a tighter than ever housing market pushing up home prices allowing for more access to equity, consumer confidence in remodeling is at a new all-time high not seen since the recession of 2008. Out of 381 metro areas studied in this report, 369 are foretasted by Metrostudy for growth.
The Sunny Gray Kitchen Renovation
Check out this recently remodeled a kitchen in Algonquin that featured this trendy color. It was the perfect subtle, elegant touch that brought the whole home together.
When Tom and Michelle Stien decided to remodel their kitchen, they chose Advance Design Studio to make it happen. They were looking for an innovative design that would open up an awkward wall, and we’re hoping to remove some half walls that closed off their family room. The Steins’ really liked a clean modern look, so the new crisp transitional kitchen design incorporated bright white shaker cabinetry with gray and metal accents along with a modern feel.
Color Trends Impact Changes
Unless you’ve been living under a rock, you’ve probably noticed everywhere you go whether it be a trendy restaurant or hotel, or in the pages of designer magazines – the new neutral – gray. Often paired with 50 shades of white, the “new” trend as we emerge into this current political era is an almost new color, one we’ll call “greige”…which Remodeling refers to as a subtle mix of gray and beige.
So if you’re thinking about a kitchen renovation or a bathroom remodel, but can’t decide on a color scheme, we have your answer. “Greige—a mix of gray and beige—is said to be one of the hottest colors around, despite it being such a subtle tone. It’s the same thing with Cost vs. Value: This year’s report is more about several small, incremental improvements rather than colorful jolts. It’s a greige kind of year”, says Remodeling.
A minor bathroom change can really change the look and feel of your whole house; a simple small bath renovation can bring the whole house together. Painted distressed cabinetry in muted shades of gray/green was used in this powder room to bring out the rustic feel of the space accentuated with wood planked walls and ceilings. A minor bathroom remodel like this will yield you about 57% of your cost in 2017.
Most Popular 2017 Renovations
Our most popular renovation by far, a sleek, modern looking kitchen can go a long way in adding value to your home, not to mention increasing the functionality and enjoy ability of the home more than any other project. According to Remodeling Magazine, the cost for a kitchen remodel has gone up about 3% with a Midrange Renovation averaging $63,282 and an Upscale Renovation around $125,164. However, real estate professionals estimate that they added 4.2% of value for 2017, and increased to a 54-60% ROI. While this may only be a minor gain, it is definitely welcomed after the recession a decade ago.
As the real estate market continues to recover, realtors are valuing remodeling more highly than they did just a few years ago. According to the study, “In contrast, several of the most expensive projects—the upscale bathroom remodel ($61,196), upscale master suite ($253,908), two-story addition ($177,167), grand entrance, and family room($92,075)—saw the biggest year-over-year percentage increases in value, rising between 5.6% and 7.4%.
This Crystal Lake Renovation on a 1970’s two story home incorporated a much needed master suite addition to enlarge the master bath, add a generous master closet, and combined it with a front facade face lift that instantly increased curb appeal tenfold. The combined project costs in accordance with Cost vs. Value predict a return of somewhere between 48-59%.
2017 is the Year to Remodel
Learn more about this year’s Cost vs. Value Report by checking out our region East North Central and read about 2017’s Key Trends in Remodeling. Here you can find out details of how the report is created, how your region compares, and look up 29 home projects for cost estimates. And when you’re ready to remodel …
Check Out Common Sense Remodeling
At Advance Design, our unique 5 Step Common Sense Remodeling Process provides our clients with the highest level of satisfaction when matching our planning process in alignment with your home’s future plan.
With 25 years of experience, our talented, award winning design team can help you create the kitchen or bathroom of your dreams. With our “Common Sense Remodeling” approach, the process of renovating you home has never been easier. Contact us today at 847-836-2600 or schedule an appointment to talk with us about that new kitchen or bath project.