The real estate market may still be down in the dumps, but the American dream is alive and well. People still want to own their own homes and to take care of them once they get them. In fact, more people than ever are making improvement and renovations to their homes.
The Washington Post recently cited a report issued by the National Association of Home Builders in late January saying that their remodeling market index hit its highest level in five years. In fact, spending on home renovations now exceeds spending on single family home construction.
According to the home builders association, fixing up a home “fits the sentiments and finances of a homeowner more than selling or buying.”
What kind of projects are people tackling? You can forget about huge additions and fancy rooms that were in vogue pre-recession. Homeowners today are interested in more modest and practical renovations, including upgrades that will help them save money on energy costs.
The first choices for renovations fall into the “repair” category. People are fixing or replacing leaky roofs or worn siding. On the interior of the home they are remodeling the bathroom or kitchen, not adding more space.
With fuel costs so high, many people are investing in changes that make their home more energy efficient. Installing new windows is a top choice, along with attic insulation and insulated siding. Any savings realized on monthly heating and cooling bills is almost immediate and continues long after the renovation has been paid off.
Speaking of paying off, the Washington Post says that most homeowners are finding the cash to pay for the work instead of borrowing the money. Those that do obtain financing are going to local banks and credit unions.
Finally, fewer homeowners are as concerned about how a renovation project will affect the value of their home. Instead of doing the work to increase the potential sale price, they are choosing to make renovations that will make their life more comfortable. In today’s real estate market they are likely to remain in their home much longer than anticipated.
Twin Cities Siding Professionals would be happy to discuss replacing your windows, installing insulated siding or making other home improvement. Call us at (651) 967-0873, or visit our web site at tcsidingprofessionals.com to schedule a FREE in-home evaluation and estimate.