Remodeling Trend to Rise
According to the Federal Reserve, the primary residence accounts for about one-quarter of all assets held by households, ahead of other financial assets, business interests and retirement accounts.
It’s important to protect the value of your home by keeping it repaired and updated. Not only does an update make a home more attractive, it should improve functionality, make it more comfortable, increase the enjoyment, and increase the value, upping the chances of a higher resale price.
If you’re planning on making home improvements, you’re in good company. Home improvement spending is expected to increase by seven percent over the next year, according to research by the Joint Center for Housing Studies of Harvard University. Homeowners will spend about $350 billion on updates by mid-year 2019, confident that they’re making a good investment, thanks to rising home values and a growing economy.
How are they spending their money? The National Association of Home Builders (NAHB) said in May 2018 that bathrooms have overtaken kitchens as the number one remodeling choice.
NAHB surveys of homeowners who recently remodeled their homes found that over four out of five remodeled baths (81%) while 78% remodeled kitchens. Nearly half of respondents replaced doors, remodeled whole homes or added a room to existing homes. Most homeowners start with smaller projects such as new front doors, green-friendly appliances, programmable thermostats, low-emissivity windows and new HVACs.
As home remodeling continues to be popular, you will likely to see increased benefits from your home improvements.