2017 have seen a lot of changes. Not only is it just a brand-new year, but we now have a new president, fashion trends are changing, the housing market is changing, and yes, even home design is starting to see new breaks from traditional methods. According to the 2017 Kitchen and Bath Design Trends report by the National Kitchen and Bath Association (NKBA), homeowners are no longer sticking to traditional methods when remodeling a bathroom or kitchen. Rather, they are going for more modern and subtle nuances using a mixture of grays and whites and neutrals in order to create a more timeless effect. The reason people are starting to opt for more non-traditional methods, is because they want to create in an environment that will last for the long term. No longer do they want to have to worry about re-updating every few years, rather they are more interested in getting a positive return on their investment. While this may not seem like a big deal on the surface, it actually has a large role to play when it comes to adding value and resale to the home.
According to the same report, about 10% of homeowners went through a bathroom or kitchen remodeled during the year of 2016. The total costs of these remodels hit about $85 billion. And about 21% of those homeowners shelled out an average of about $7500 to remodel their master bathroom, whereas the other 48% paid about $15,000 for a newly remodeled kitchen. However, the question was then asked what actual value did these renovations add to home, itself? Well, according to certain research, bathroom remodels are actually quite low of the ROI index. In fact, they are considered some of the least valuable home improvements. And often times will only see a 65% ROI. However, kitchen remodels on the hand, have a much higher ROI. And stand to bring in about 80% more value in a resale.
However, now we have to look at this from another angle. And that is looking to see how many homeowners actually expect to leave their newly remodeled homestead during their lifetime. And according to the NKBA report, about 61% of homeowners stated they would be staying in their house indefinitely. Because of this high percentage, the renovation market has stared to see trends in incorporating aging-in-place and technology-enabled features to both kitchens and bathrooms to stand the test of time. And this just isn’t from an aging populace, rather the market is actually starting to see younger couples, add in these same features to their homes, in hopes of their current home being the place they “grow old together.”
With all this to say, it’ll be interesting to see how many more homeowners decide to ditch more tradition methods of kitchen and bath remodeling, and instead focus on more modern and longevity remodels. Although the new methods like application of faux stone or cheap veneers may have attracted quite a number of people to take interest in remodeling projects, we can’t say for complete certain how things will look in the coming year; but so far according to NKBA, there has been a lot of breaking of tradition to embrace new concepts. Which, only seems fitting for the craziness of what has already been the year of 2017.
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