If you're like the majority who responded to a recent Fidelity Investments survey, you're about to make a New Year's resolution related to finances. And what better financial security is out there, say area real estate experts, than a home?
For many Americans, their home is their biggest asset.
The gain in resale value from making a home improvement can vary widely, topping out at as much as 85 percent of the investment nationally and 61 percent locally - but often offering a much lower return.
So to help you make the most of your investment, The World-Herald asked a panel of local Realtors and remodeling experts to recommend ways to improve a home's value during 2014, given various budget scenarios ranging from $500 to $50,000.
Carpeting or hardwood? It might depend on how much money you have to spend.
Here's a sampling of responses from the two Realtors - Deda Myhre of CBSHome, president of the Omaha Area Board of Realtors, and Lisa Ritter of Re/Max Results and a past president of OABR - and the remodelers: Scott Petzoldt of Consolidated Kitchens and Fireplaces, president of the local chapter of National Association of the Remodeling Industry; Terry Hurt of T. Hurt Construction, Omaha representative to the national NARI; and Libby Pantzlaff of Creative Interiors by Libby, also a board member of NARI.
Got $500 to spend?
Working with a $5,000 budget?
What to do with $15,000?
Lucky you, with $50,000?
Remodeling trends: Kitchen projects top forecast
Remodeling jobs are expected to increase nationally by about 5 percent in 2014, according to real estate media firm Hanley Wood. But certain improvements are gaining more traction than others.
Craig Webb, editor of Hanley Wood's Remodeling Magazine, said that 61 percent of remodeling companies surveyed anticipate growth in kitchen projects next year, up from 56 percent who said the same in 2013.
Dropping to No. 2 in the latest growth survey was bathroom remodels. Fifty-eight percent of companies said they expect to see more bathroom renovations next year, down slightly from 61 percent in 2013.
Thirty-six percent of respondents foresee growth in small additions and 29 percent anticipate growth in decks and patios, reflecting the same expectations as the last survey.
According to Hanley Wood's residential remodeling index, the Omaha-Council Bluffs metro area is busier than average. Of 366 metro areas, the Omaha area recently ranked 14th 'hottest' when considering activity and size, Webb said. The Omaha area was doing 15 percent better in the remodeling arena than it was doing at the industry's national 2007 peak, Webb said.
Webb and Realtor.com cited top national remodeling trends for 2014:
>> Modern kitchens with white or gray cabinetry, simple countertops, glossy finishes and minimalist designs.
>> Brass accents - rustic, dull and hammered.
>> Bathrooms with resort-style features such as large walk-in showers, multiple shower heads and heated floors.
>> Vibrant colors such as green flash, lemon zest, rouge red.
>> Sustainable materials including bamboo, energy-efficient appliances and designs that consider the local climate.
>> 'Aging in place' features that accommodate older and disabled residents.
>> Multigenerational elements that allow grandma to co-exist comfortably with toddlers.
>> Technology upgrades including remote devices that control lights, door locks, even window shades and the coffee pot. - Cindy Gonzalez
Considers average job cost and resale value for midrange-priced home.
Omaha
Source: Remodeling 2013 Cost vs. Value Report, Hanley Wood
Contact the writer: Cindy Gonzalez
cindy.gonzalez@owh.com | 402-444-1224 | Follow @cgonzalez_owh
Cindy covers residential and commercial real estate, economic development, tourism and hotels, and immigration issues related to businesses.
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