May is home improvement month
May is officially home improvement month and according to the Leading Indicator of Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, modeling spending is expected to be up about 6 percent by the end of 2012.
According to Kermit Baker, directory of the program, remodelers should be dusting off their marketing materials as home buying continues this spring and remodeling spending will follow. He suggests that bathroom and kitchen remodeling will likely increase as the year continues. In the past few years, replacement projects such as windows, siding, system upgrades, roofs, and similar projects have received the most attention.
According to the Remodeling 2011–12 Cost vs. Value Report* (www.costvsvalue.com), the replacement of older, inefficient windows with upscale replacement windows is one of the 10 most popular projects with payback for homeowners. Reflecting the numbers found in the depths of the recession, the study reports that a replacement window project has a higher projected return-on-investment than several other popular home upgrade projects.
Adding energy-efficient, low-maintenance windows to a home can have an average payback of 69.1 percent according to the Cost vs. Value Report. The same study shows that the average cost for such a replacement (involving 10 double-hung 3-by-5 vinyl windows with Low-E glass and simulated woodgrain trim) is $14,328. Homeowners investing in this type of remodeling project can save energy costs every single day once the new windows are installed.
For more information visit http://www.remodeling.hw.net/remodeling-market-data/about-the-report.aspx.