While there's certainly something to be said for the excitement of the holidays, there's also something to be said for the collective sigh of relief many of us take having survived another year of retail madness and added shopping expense. If you've managed to make it through without taking out a second mortgage on your home, now is the time to treat yourself, and your home, to an improvement project. Major home improvements may require that you, in fact, take out a second mortgage on your home, get more direct financing, or dip into your savings. The good news is that these types of loans are usually exceedingly easy to get, and often at great rates, as they're backed up with increased home equity. Smaller home improvement projects, on the other hand, can frequently be paid for out of pocket or easily replenished with a withdrawal from your savings.
If you're not sure what tops your wish list of home improvement projects, here's a quick rundown of the most popular home improvements projects in the Big D:
Kitchen, Bathroom, and other Major Home Remodels
Topping many homeowners' wish lists is a major home remodel, often for the kitchen or bathroom. These home improvements can transform an area of your home like no other project, but they can also get expensive. Many homeowners elect to finance a major home remodel. It's usually easy to get a loan with the increased property value associated with these remodels. Chances are you won't see 100 percent of your expense returned in the new value of your home. The national average for the return investment of a major home improvement remodel is 80 percent. This should help cushion the blow of the initial sticker shock, which can be substantial. Whether you've always wanted hardwood floors, a wall oven, a whirlpool tub, or a marble countertop, this year could be the year you add luxury and convenience to your daily life, and property value to your home.
Cost of a Full Kitchen Remodel
National Average: $54,250
Dallas Average: $50,700
Cost of a Full Bathroom Remodel
National Average: $12,900
Dallas Average: $11,500
New Asphalt Roofing and Replacement Windows
Nothing beats bathroom and kitchen remodels in popularity in the home improvement industry, but basic home security and beating the Texas weather are among the top concerns of Dallas homeowners. New roofing or replacement windows are as close as you can get to can't-miss home improvement projects. No other areas of the home come anywhere near the amount of heat loss and gain. If you want to see a reduction in your utility bills, look at these two areas. Plus, replacement windows can bolster your home security from deterring burglars to child safety.
Cost of New Asphalt Roofing
National Average: $5,900
Dallas Average: $5,200
Cost of Replacement Windows
National Average: $6,600
Dallas Average: $7,100
The Cost of New Vinyl Siding and Exterior House Painting
If the interior of your home is in good condition, you might need to turn an eye to your home's curb appeal. The Texas sun is brutal on even generally durable vinyl siding. Fading is common; cracking isn't unheard of. For older vinyl siding, it may be time to replace your siding and give your home all new protection and beauty. Siding that has seen a few seasons, but is still in serviceable condition could probably use a new coat of exterior paint. At the very least, think about having a handyman swinging by your house with a commercial pressure washer for basic maintenance. Once you've got your siding and house painting done, it may be time to think about hiring a landscape contractor to work on the rest of your curb appeal, including some stunning outdoor lighting.
Cost of New Vinyl Siding
National Average: $7,600
Dallas Average: $7,800
Cost of Exterior House Painting
National Average: $3,000
Dallas Average: $2,600
Install a New Deck
Cost of Installing a New Deck
Of course, as great and as beautiful as major home remodels can be, they don't bring additional living space like a deck installation can. While decks have limitations on their use no matter where they're installed, the hot, relatively dry Dallas climate makes them more serviceable than most. Plus, you can maximize the use of your deck and your enjoyment with some foresight, good planning, and a little extra money during the initial installation. If you've never been a big fan of the harsh Texas summer, you should consider installing an outdoor misting system with your deck. If you want to be able to use your deck year round, outdoor heaters will allow you to keep your deck serviceable in all but the worst of the wintry blasts. Finally, for a truly round-the-clock experience, a deck cover and good outdoor lighting will help create a luxurious deck installation. If you already have a deck, it might be time to upgrade with one or more of these accessories. Many homeowners choose some of these deck accessories and let others go. It's all about your lifestyle and how you want to use your deck.
National Average: $7,700
Dallas Average: $6,500
Install a New Deck
Cost of Installing a New Deck