Have you been thinking about home remodeling lately? With the economy on its way to recovery, and improvements in the real estate market, many people have started to think ahead about home improvements or remodels to increase the value of their properties and home sales. In fact the recent Remodeling Market Index (RMI) has rising six points to 55, according to the National Association of Home Builders (NAHB). This is just one more reason why confidence in the remodeling market rebounded in the second quarter of 2013. To back this up there has been an increased demand for remodeling projects. NAHB economists predict that within the next 10 years the funds spent on home remodeling jobs will surpass that of new home construction.
Zillow research indicates that 60 percent of homeowners plan to make some home improvements this summer. People today are staying in their homes and simply investing in home improvements due to several reasons: 1) more rigorous mortgage qualification requirements and 2) less inventory of homes to purchase, then of course, 3) the economy. Basically the market includes younger homeowners who have children and who are likely to be making a home improvement or addition this summer. In fact, 71 percent of 18 to 34-year-olds are planning to remodel this summer.
At the top of the to do list when -remodeling is bathroom makeovers involving bringing more light into the bathroom with bigger and more unique window configurations, and/or adding clear glass shower enclosures. (Left: The Plan Collection: 165-1077.)
Another trend is green living remodeling for energy efficiency, as well as integrating what is known as Feng Shui principles – focus to the floor plan layouts and room placement. An ancient eastern art, Feng Shui considers the environment in which we live and our relationship to the objects in this environment with planning and thought to improve the overall flow of home.
Finally, the expansion of outdoor spaces is very hot right now and includes outdoor or patio kitchens, and spaces with room for outdoor fire pits, and an area or bar with ovens, ranges, refrigerators, and counter space for meal preparation.
All in all, remodeling offers a homeowner a nice economical option for adding value to their home, and the benefits of better living.