(NBC News) A hot real estate market may have triggered another type of housing boom.
Surveys and studies are showing that home remodeling is more preferable these days to home relocation.
Nearly three out of four homeowners surveyed by Angie’s List are planning a remodeling project this year, while a Harvard Center for Housing study anticipates healthy growth in remodeling through 2025.
Re-doing the kitchen is the most popular and most expensive remodeling project.
CNBC’s Kelli Grant recently broke down data from the remodeling website Houzz.com on what consumers spent on remodeling projects last year.
Kitchen renovations averaged $20,000, while bathroom makeovers cost on average $12,000.
Grant says you shouldn’t expect a full return on your investment.
“You end up recouping somewhere in the neighborhood of 50 to 70% back in terms of added values,” she says.
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