US Statistics On Remodeling Homes
Remodeling homes has always been big business. As we all know the sale of new homes has risen and fallen along with the wave of the economy, but home remodels have remained relatively steady. Although some consumers may choose to use less expensive materials or cut costs in other ways, the remodeling industry is strong. But that is not the only news on the remodeling front.
Remodeling homes statistics:
- In reaction to the economic stimulus packages, federal tax credits, state and utility incentives, price reductions in some home products and materials, and overall lower bids from tradesmen and contractors the average cost of a remodel project is 20% less then it was just a few years ago.
- A recent survey of 5000 homeowners consider remodeling semi-annually. This is an increase of around 5% from previous years surveys.
- One of the unfortunate spots in the remodel world is a noted decline in the number of permits being requested which is down about 20% everywhere except the southwest region of the US. In this area there was actually an increase in permit requests.
- A large portion of projects being undertaken are in the form of repairs rather then a traditionalÂ remodeling homes upgrade. Some of this work includes repairs to roofs damaged by a hard winter.
- Respondents to the survey noted that they are concerned most with the cost of their project.
- Around 3/4 of those surveyed plan to use standard materials in the remodel project with the rest choosing either more expensive or less costly materials. Those on either end of the spectrum were equally split between the two.
- Nearly 90% of remodelers changed their project plans in response to economic conditions.
The outlook for selling a home in the United States is still not great, which is why remodeling homes is a better choice. Instead of losing money or going through a difficult selling process in this buyers market, the smarter choice is to invest in improving your current home. You can either make it your dream home or make enough repairs and improvements to increase its value and turn a profit when the market allows.