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Home >> Resource Center >> Remodeling Investments
Americans to Invest Record Amounts in Home Improvements During 2008
With the housing market struggling over the last year, many Americans are
turning to home remodeling and renovation as a better investment to get the
homes they want.
Bealeton, VA – With the housing market struggling over the last year,
many Americans are turning to
home remodeling and renovation as a better investment to get the homes they
want. The median home price in the United States fell last year from 2006. This
was the first annual median price drop for existing home sales in the 40 years
that the National Association of Realtors has tracked this information.
While the value of existing homes sales has dropped, at some point, the market
will return to normal and see gradual improvement in home prices. This is part
of why many home experts believe this may be the best time to remodel a home.
Supplies and materials for home construction are low right now as new home
construction is also in low demand. New home builders are not purchasing nearly
as much building materials, creating oversupply. Home owners can therefore find
great supply prices to help create the home they want. They are investing in
their homes at low prices and hope to see greater return on investment when the
market picks back up.
Angie’s List, a popular home repair referral service recently conducted their
annual home renovation survey that indicates home remodeling is expected to rise
significantly in 2008. The survey shows Americans will spend an average of
$11,250 on home improvements and maintenance during 2008, a 13 percent increase
over reported spending during 2007. The survey also shows people will invest an
average of 2.9% of their homes value to make improvements or repairs. This trend
of increased renovation and remodel spending is expected to continue for several
years.
Kitchen and
bath projects are very popular indoor activities for home remodeling. Real
estate professionals suggest that these two rooms tend to see the greatest
return when it comes time to sell a home. Remodeling that is done professionally
can provide a greater living environment for current owners, as well as improved
resale potential. Other popular projects that can provide these benefits
include: Landscaping, yard work, painting, flooring, doors and windows, decks
and porches.
The key to a successful home renovation is to hire a professional company that
has a strong history and strong references related to design, building, and
repair work. Professional work of high quality is especially important for home
owners looking to increase the value of their homes. Self performed or poorly
performed remodeling or renovation can actually reduce the aesthetic appeal of
your home if the new room or project is poorly planned or developed.
There are many great construction companies or home renovation professionals,
but those with a strong history and reliable performance, as well as licensed
and insured, are preferred. The great news for home owners right now is that
with new construction down, many home designers and builders are more available
than ever. Projects can be discussed and completed more efficiently than ever.
Along with time benefits, having access to builders that are focused on a
smaller number of projects ensures the home owner gets full attention.
If you are looking for a professional Virginia remodeling contractor, please call us today at 540-439-8890 or complete our online request form.