We all know the adage, “form follows function” and that is exactly where today’s home trends are heading. Homeowners are now requesting that each space serve its intended purpose; the days of just-for-show extravagance are over. Both millennial first-time home buyers and baby boomers who are downsizing want the same thing; a move-in ready home with renovations as a choice, and a great space to entertain.
According to the 2015 Remodeling Impact Report, a joint study from the National Association of the Remodeling Industry (NARI) and the National Association of REALTORS® (NAR), here are five home design trends that give the most return on investment (ROI):
1. Open floor plan. People have been requesting this trend for years, and it doesn’t seem to be slowing down. Having an open space where the kitchen, living room and dining room flow together means that no one is left out by being tucked away in a separate space. Always check with a contractor about load-bearing walls before trying to tear down anything yourself. The specific percentage of value recovered from the cost of opening up a floor plan is tough to pinpoint because of the large range of construction issues that affect final costs. However 46 percent of today’s home buyers want an open floor plan.
2. Kitchen remodels. According to the survey, 79 percent of remodelers say that kitchen upgrades are the second most popular renovation project in 2016. Many people are opting for a classic white kitchen with soft grey as an accent color. They are also overhauling their storage options, going for deeper drawer banks and putting a strong emphasis on the
kitchen island. If you are going to rehab your kitchen make sure to go the extra mile. Buyers won’t pay for an unfinished kitchen that has a granite countertop. The ROI is high at 67 percent with full kitchen remodels.
3. Bringing bathrooms up to today’s standards. The biggest bathroom remodel would be getting rid of the 1980s whirlpool tubs and replacing them with a large walk-in shower. This is in line with our trend of “form follows function” as many people now prefer showers to long soaks. Another trend would be larger tiles on the floors and walls – 12 by 24 inches for squares and 40 by 120 for a rectangular tile. Not only does this look aesthetically clean but less grout lines means less time cleaning! Make sure if you are going to take out the whirlpool that there is another tub in the home. Younger couples with a baby or families will need it and without it they will move on to a different home. Bathroom remodels speak for themselves and have a high ROI of 58 percent.
4. Using every space you have. Many families are looking for a finished basement, a man cave or a mudroom for the kids. Make sure to finish those little spaces off, as having a specific purpose for them remains important. Even if you have a sunny niche off of the kitchen, place a comfy chair there and voila! A reading nook has been created. A finished basement can have up to 69 percent ROI.
5. The number one flooring option. Want to know what can get you up to 100 percent ROI? Hardwood flooring of course! Wall-to-wall carpeting is out. Homebuyers want hardwood floors because it easily unites many rooms and is the easiest to clean.
2016 is shining the spotlight on functionality and livability instead of the glitz and glamour. Despite the generation or even price point, these are five projects everyone is looking for! Talk to your Shorewest, REALTOR® today to find out your best ROI project! #ShorewestRealtors #ShorewestTips #ROI