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.