The Most Important Home Remodeling Factors
We all know the economy hasn’t been doing well the past few years. Most notably, the housing and construction industries have suffered tremendous setbacks. However, after several lean years, the home remodeling industry is starting pick up not only in certain areas around the country but also nationwide as a whole. This is in part thanks to a slight rise in existing home sales and existing home sale prices and continued low interest rates.
According to the National Association of Home Builders (NAHB) residential remodeling expenditures for owner-occupied improvements are growing nationally. Spending for 2011 topped $107.4 billion, up 3.5% from 2010. NAHB also tracks an index of remodeling contractors’ confidence and this index hit its highest level in five years in the last quarter of 2011.
Although overall spending has steadily increased, homeowners are spending more cautiously than they were before the economy crashed in 2008. This is causing homeowners to focus more on projects that most need renovating to keep up with modern trends and to keep up the overall value of the homes. Projects like kitchens and bathrooms are particular good investments in today’s remodeling market.
According to a Boston Globe report “between 2003 and 2008, there was a lot of upper-end activity. People were doing expensive kitchen projects. What we hear now is that they’re not gutting everything, but picking and choosing aspects to update.”
This particular trend is especially true for homeowners in the Northern Virginia, Washington, D.C. and Maryland markets. Homeowners want to make sure that they are getting the absolute best bang for their buck and are much more specific and demanding of where their dollars are being spent. This is a product of homeowners focusing most on what they need versus what they want.
Homeowners are also doing much more homework when it comes to selecting the type of fixtures and appliances they need to add to their remodeling projects. Homeowners aren’t looking so much at what they want to install but what is best for the overall value of their home and what is mostly likely to sell. Most homeowners are still a little timid about having their house stand out too much as the market is still tilted towards home buyers.
Fortunately, as the market and home owners evolve, so too does Elite Home Remodeling. We make sure to stay up to date with all of the latest trends and developments in the residential remodeling market and we make sure to give our award-winning service to every home owner we work with. Be sure to visit our website to see how Elite Home Remodeling can help you today!