According to a new study by SunTrust, a majority of homeowners intend to update their homes this year. Whether this involves small home improvement projects or large-scale remodeling, making changes to a home can render an old valuation obsolete. For that reason, advising homeowners to update their insurance policies along with their kitchens or master suites can prevent issues should they file a claim after the home improvements are complete.
"The most popular projects will focus on the outdoors, with 43 percent investing in improvements including decks, patios, or landscape remodels," explains the Atlanta Business Journal. "Bathroom remodels (29 percent) and kitchen remodels (26 percent) also remain popular, the survey shows. Updating a home's look, features and technology are driving 52 percent of renovation plans, followed closely by repairs (49 percent)."
In total, the study shows that 57 percent of participants will make home improvements, some with costly price tags. Eighteen percent of respondents plan to spend more than $10,000 on the projects while 36 percent expect to spend more than $5,000.
Because household repairs, updates and improvements can alter the replacement value of a home, it's critical for homeowners to work with professionals who can provide a revised valuation of their property. Those professionals should depend on a reliable, accurate valuation calculator to generate the most up-to-date and consistent replacement cost. When claims are filed and standing valuations don't reflect the latest condition of a property, owners may be saddled with out-of-pocket expenses that they can't afford.
At e2Value, our valuation calculator provides the consistency and accuracy that the industry depends on. Contact us today to learn more about our suite of flexible solutions for home valuations.