Home Remodeling & Design
Home Remodeling Is Surging & Here Are Some Reasons Why
Realtor Mag discusses a recent report on the surge in home remodeling and highlights a few reasons for this development. Key causes of the surge identified in the Harvard report are –
- Homeowners are improving their houses in hopes of selling them and buying nicer/larger ones.
- Property owners are renovating rentals to make them more profitable.
- Government incentives are motivating home-owners to purchase energy-efficient home items.
- The employment situation has improved allowing families to begin projects they put off during hard times.
Let’s take a closer look at each of these four trends.
Home Remodeling as a Pre-Cursor to Home Sale
When a family decides a new home is needed, they often realize their current house requires some remodeling to boost its appeal to prospective buyers. Bathrooms and kitchens, for instance, are key areas of the living space and their condition matters to home shoppers. Before putting a residence on the market an owner may want to consider –
- Whether all kitchen and bath appliances are in working order.
- If modern products like glass shower doors and glass backsplashes are needed to improve dated kitchen and bath areas.
- If the bathroom and/or kitchen walls are stained and need fresh coats of paint.
- How the condition of the bathroom and kitchen flooring will impact possible buyers – is mold, mildew, or water damage present?
We can get used to problematic aspects of our homes, but often these very flaws are what potential purchasers notice first.
Landlords Remodeling Rental Homes to Increase Income
Remodeling is also surging among owners of rental homes. Landlords want to make their properties worth higher rents, so they seek to address issues and add appealing features. Here are some examples of how a rental home could be upgraded –
- Re-painting with colors other than white.
- Replacing and upgrading flooring.
- Upgrading light fixtures.
- Adding a bathroom.
- Replacing appliances.
- Adding glass shower doors.
- Installing wall mirrors and/or framed mirrors.
- Adding glass shelves.
People Are Also Remodeling Homes to Make Them More Energy-Friendly
Government programs incentivize homeowners to make their dwellings more energy-efficient, but this type of upgrade can also pay off through lower utility bills. A great example of this kind of renovation is high-performance windows. Contemporary replacement windows feature greater insulating capabilities and many special characteristics that reduce energy loss. Examples include –
- Products with the Energy Star label.
- Windows that meet the higher R-5 Standards.
- IntelliGlass windows.
Job Market Development Contributes to Surge in Home Remodeling
During times of unemployment or pay cuts, families will put off home repairs and enhancements to save money for essentials. Thanks to economic improvement, some homeowners are now finding that they have funds available for their long awaited remodeling projects. Increased income allows homeowners to make their houses more high-end through changes like –
- Switching from plastic laminate to granite countertops.
- Going from shower curtains to glass shower doors.
- Tearing out old carpets and putting down hardwood floors.
- Re-painting and adding crown mold.
- Adding a bathroom.
- Gutting the kitchen and creating a new one.
As seen, home remodeling is undertaken for a wide range of reasons and can be as simple as ordering replacement windows or as epic as a full kitchen renovation!