While inflation and rising interest rates will likely decrease major remodeling projects, the brains behind the 2022 Cost vs. Value Report expect high volumes of mid-priced projects ($7,000-$35,000) in the next 18 months. Remodeling Magazine suggests this is primarily due to homeowners who settled for a house due to a lack of listings during the pandemic.
Bidding wars combined with limited available listings made it difficult for buyers to find homes that met their needs. Another contributing factor to the increase in mid-range projects is the number of purchased homes built 20-50 years ago that will soon require home improvement upgrades.
Below are three mid-range remodeling projects that we expect to see more of in the coming months, which is the beginning of what experts anticipate to be the ‘Golden Era of Remodeling’:
1. Window Replacements
Quality windows have an average lifespan of 25-30 years. You should consider replacing the windows if you recently bought an older home. Some telltale signs include air drafts, noticeably loud outdoor noise and high energy bills. Vinyl replacement windows have many benefits, including a 67.5% return on investment (ROI). If upgrading your windows, consider the level of energy efficiency and current window trends.
2. Siding Upgrades
Earlier this year, more than half of the American homeowners surveyed (53%) in a Harris Poll study indicated they had installed new siding on their homes. Thirty-nine percent of homeowners stated that damage was the main reason for siding replacement, while 23% replaced their siding because they “didn’t like how their old siding looked.” Replacement vinyl siding is a durable, budget-friendly, sustainable choice with a 67.2% ROI that won’t compromise style.
3. Kitchen & Bathroom Remodel
According to the 2022 Cost vs. Value Report, a minor kitchen remodel will recoup 71.2% of the cost. Instead of knocking out walls, replace the cabinets and countertops and upgrade appliances and tapware for a mid-range remodeling project. Similarly, a mid-range bathroom remodel will recoup around 58.9%.
Use the Alside Visualizer to gain inspiration for your exterior remodeling project with new windows and siding.