In an article published last week by Yahoo Finance about Kitchen Renovations at http://finance.yahoo.com/news/7-ways-save-money-sanity-174800686.html, they provide us with continued positive news about the housing market. The article is entitled “7 Ways to Save Money (and Your Sanity) on a Kitchen Renovation.” In the article they tell us that home values are still on the rise across most of the country. In a few of the hottest markets in the US we’ve even surpassed pre-recession values. As a result, consumer confidence has more Americans improving their homes. Consumer spending on residential remodels has increased 4 percent in just the first quarter of 2016, representing the strongest quarter since Q1 of 2014 according to MetroStudy.
Kitchen renovations currently make up about 1/3 of the renovation market. Kitchens have become far more than just a room where food is prepared. They have become multi-functional rooms where homeowners not only cook, but also eat, entertain and even work in these rooms. In a recent study by Houzz it was found that two-thirds of those surveyed said they spent 3 or more hours per day in their kitchen.
Since the kitchen is the hub of homes today, it’s no wonder they are often the first room renovated when homeowners are looking to improve their residence or rental properties. Kitchens are also the most expensive room in the house to renovate. The average kitchen renovation is up 12%, with the majority of renovations averaging $26,000 to $50,700 according to Houzz.
The article written by Yahoo Finance goes on to provide us with some excellent pointers that we thought you would find valuable. Here are the seven ways to save money, and your sanity during on a kitchen renovation:
1. Make a budget first
2. Thoroughly vet your contractor
3. Don’t go too trendy
4. Don’t over-improve
5. Keep your current footprint
6. Stick to the plan
7. Have a plan for dining during the renovation
At Charlotte Resurfacing, we couldn’t agree more with this author’s recommendations. Resurfacing is a budget friendly solution that can often be completed in a single day. It’s the answer to all 7 of these gold nuggets of advice, and if you’d like to read the article in full it’s at http://finance.yahoo.com/news/7-ways-save-money-sanity-174800686.html.