A renewed home renovation boom is here and it’s a reality to expect in the year. Well over 25% of locals are making deliberate plans for home remodeling project and the number is only expected to rise.
Finding a reliable and expert contractor is without doubt a key factor to the success of any project. That said, what are the driving factors behind this boom?
When the Kids are All Grown Up
Kids in their teenage years want to hang out more with their friends at home, while older kids are choosing to remain at home to save on rent and other expenses. This means that the cozy, little home the folks bought when they got married is hardly ideal to accommodate everyone. This has driven the demand for home renovation projects such as room additions and extensions as well as basement upgrades through the roof. People need more space in their homes and a structured home renovation project with the right contractor can provide exactly that.
Competitive and Costly Housing Market
Houses today go on the market and are off the market in a few days. People looking to buy new houses find themselves being outbid and have no option but to be content with what they do have. In addition, after crunching some numbers, home owners are finding that investing in renovations is a much cheaper alternative to buying a new home. Suffice to say, the state of the local housing market itself has worked to drive more and more homeowners to remodeling and renovation projects.
Homeowners who are looking to rent out or sell their homes or at least some space in their homes invest in renovations to add value to their property. Prospective home buyers and tenants alike are quite choosy today. People are checking your home against both the functionality and aesthetics scale to ensure that their investment will be worthwhile. From kitchen upgrades to a change in wall paper and a fresh coat of paint around the house, every renovation project does add some value to the property. This value added may very well be the reason potential home buyers choose a home over another listing down the street.
Contractors are preparing for a very busy year as more and more homeowners decide to renovate; a decision that is informed by these, among other reasons. Although these are early projections, the reality remains to be seen. We will definitely keep our readers updated.