As the economy begins its recovery and consumers feel better about spending, remodeling is expected to surge this spring. That spare cash is going back into their homes. After the worst slump since the early 1960’s, the upswing is on and remodeling is finally back. Many homeowners want to improve their homes because they don’t plan to move and many foreclosed properties need some tender loving care. New kitchen and baths help homeowners get what they want for the price they want.
Others are unable to sell and move because they owe far more than their homes are worth. They’re investing in new floors, replacing windows and doors, and making changes as they wait for sales and prices to rebound. A lot of people are in it for the long haul. Houses with good structure may need a décor update. Kitchens are being gutted, ripped up, retiled, and renovated. The goal is to make your home an oasis. This is also a good selling point when it comes time to sell your home.
Harvard’s Joint Center for Housing Studies reported that the nation’s home improvement market was at $290 billion in 2009. Their report predicts that spending on home improvements would increase at an average of 3.5% in the next few years. Consumer confidence has reached its highest point since May 2010.
People without equity in their homes are raiding their savings and doing more budget-friendly upgrades. Financing remains an issue for many; however, banks are expected to start lending more in the next year. In many states across the nation, before starting a project, you must have a permit. Homeowners are also going after those lucrative tax breaks and rebates for energy-efficient upgrades.
Appraisers and other industry professionals caution homeowners to make smart improvements that will boost property values to attract buyers when the time comes time to sell. When it comes to renovations, homeowners shouldn’t worry about adding resale values and guessing what the future buyers might like. They say do it for yourself. That’s where the real value is.
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