Just a few years ago, a real estate flipper could parlay a several-thousand-dollar upgrade into a substantial profit. A $30,000 investment in new kitchen tiles, countertops and appliances, for example, might reap $60,000 upon resale.
Those days are over. Contractors’ phones are no longer ringing off the hook, and as housing prices continue to drop, cash-strapped homeowners are remodeling in different ways.
One clear favorite? Going green. “Sustainable” and “renewable” materials and appliances are in high demand based on present trends, according to the American Institute of Architects (AIA).