May Is National Remodeling Month!
According to the calendar, spring
is here! Traditionally this is the
time of year when those of us in the remodeling industry experience an increase
in the number of calls from homeowners. To honor that trend, the National
Association of Home Builders designates May as National Home Remodeling Month.
Remodeling indicators are
showing major growth for the future, for the first time in six years, the
overall average cost-value ratio, for remodeling projects, has improved, reaching
60.6%. This is up 2.9 points over 2011–12. Harvard University’s Remodeling
Futures Program LIRA report— its
Leading Indicator of Remodeling Activity — “shows the pace of spending
growth is accelerating from an 8.8% rise in the first quarter from the opening
three months of 2013 ….to a 20.2% rise for the four quarters of this year vs.
all of 2012.”
To celebrate National
Remodeling Month and beyond, here are my Hottest Five predictions of what’s
going to be heating up the remodeling front for the next year:
After
being on the back burner, kitchen remodels will be making a comeback. After keeping the heart of the home on life support
the last few years, homeowners want to upgrade. Look for them to choose function
and style over the huge restaurant style kitchens of the past.
I know, we’ve heard this story before, but from personal experience I know that
the baby boomers are still advancing. In the past, we have made remodeling
changes in homes to accommodate the aging in place lifestyle because of
necessity. I believe in the future taking accessibility
concerns into consideration during the planning phase will become
second nature.
Outdoor
Living Spaces
A
trend that began a few years ago will continue to have appeal. Homeowners are
looking to expand their living area beyond the traditional four walls and
beyond decks and patios. These spaces have the functionality of an indoor room
and all the benefits of being outdoors. This may include better furnishings,
fire pits, kitchen areas, even television and audio systems.
Green Remodeling
While
green remodeling, as a whole, may not become mainstream, I think
energy-efficient updating will continue to expand. Continuing advancements in
technology and construction practices make window and door replacement, wall
systems and insulation a wise investment for the homeowner.
Interest in sustainable
products and materials will continue, mainly when it comes to the easier
add-ons such as paints, countertops,
lighting, and flooring
Basement Remodels
The
Basement Remodel, man cave or not, is still the most cost effective way to add
living space. With consumer confidence increasing and the cost versus value for
basements being one of the gains for 2013, homeowners will again be looking
downward to increase thief living space.
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