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‘A Lifesaver for Our Sanity.’ This Year’s Hottest Home Renovations Are All About Finding More Space – Lincoln Journal Star

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Homeowners are finding creative ways to maximize their spaces — without resorting to a full-scale remodel or having to compete in a hot housing market.

Projects that add livable space are among the most popular on homeowners’ wish lists for 2022, according to a recent survey by listing site Zillow. Adding or improvising an office space was top of the list with 31% of respondents saying they’d consider such a project. Finishing an attic or basement was another common choice (23%), as was adding an accessory dwelling unit (21%).

“The move for homeowners to optimize their space and create usable square footage has never been higher,” says David Steckel, home expert for Thumbtack.

These projects can not only expand the livable areas in a home but can also provide income. Finished basements with separate entrances and ADUs can not only be used as livable space but can also be used as income-generating additions either as long-term rentals or short-term rentals on platforms such as Airbnb.

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Homeowners are making the most of indoor spaces

Jeff Neal was tired of his three kids using just about every room in the house as their personal playground through pandemic lockdowns. “It was driving me nuts,” he says.

His solution was to hire a contractor to turn his unfinished basement into usable space complete with extra storage and rubber gym mats to make the floor safe for the kids, who now have their own indoor playroom.

Like Neal, many homeowners have found that what they need from their space has changed during the pandemic. For some, this means buying and moving into larger homes or making costly extensions. For others, it means more modest interventions — maximizing their current home by transforming unfinished spaces or adding more square footage with an ADU or shed in the yard.

“People really are figuring out creative ways to use their homes more fully instead of trying to compete in all of these overheated real estate markets,” notes Jeremy Nova, co-founder and creative director of Studio Shed, a provider of prefabricated backyard structures.

Renovating an existing space in your home can be cost-effective compared to buying a new home. A basement that just requires some aesthetic touches, notes Steckel, can be accomplished with as little as $35 per square foot. A light remodel could be achieved with as little as $80 to $100 per square foot. A complete renovation that includes structural changes can cost over $150 …….

Source: https://journalstar.com/business/investment/personal-finance/a-lifesaver-for-our-sanity-this-year-s-hottest-home-renovations-are-all-about-finding/article_ba92c45d-1bef-5252-9452-6b305c9b00c6.html

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