Home Remodeling Increase This Year
Recent nation and worldwide economic crisis
have caused many homeowners to stop their remodeling and to stop thinking about
any other changes to their homes.
Renovation is not a cheap task to get involved in most of the time and
this is the main reason most homeowners have stopped doing any remodeling in
their homes for the past few months.
According to some recent surveys, homeowners
have also stopped remodeling their homes, because the price of their properties
have dropped and they do not see the benefit of investing in remodeling, if
their home is still not going to be valued at a very fair price. The same surveys have also found that
homeowners are more willing to invest in some remodeling for their homes, if
the value of their houses would increase again, which is what is happening this
At least 53% of the people who answered the
survey stated that they are more likely to renovate their homes if the value of
their property increases over the next 12 months or so. Of that 53%, at least 48% said that they
would be more comfortable getting involved in a home remodeling project that
costs more than $500, if their property’s value increases over the next
Experts from stores like The Home Depot have
stated that they have a very positive feeling about these next 12 months, as
they think that people are going to feel more confident about investing in
their home remodeling and thus have more sales.
Other housing experts, have stated that there
could be a 5% annual grow rate for the next four years or so in house prices
and this means that we could reach peek prices in that period of time. This would certainly return confidence in
most homeowners and would allow many to get involved in more home remodeling
projects over the next few years.
So, if you have been thinking about remodeling your
home, but have not done so because of the house prices that the market has
right now, you can start thinking about this again, as property values might
start going up during the next 12 months.
The economy, has certainly shown signs of
getting back to normal and hopefully, home pricing and values, will continue to
increase, so that more of us can gain enough confidence to get involved in a
new home remodeling project.
If you really want to start remodeling your
home, but are still a little scared about the economy out there, you can always
start with some of your remodeling plans and just take it a step at a
time. This will prevent you from
overspending and will also help you achieve your dreams.