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NAHB: Confidence in home improvements on the rise

Posted on Monday, July 28, 2014 at 9:35:01 AM

Renovating is always a desirable option for homeowners, but the ups and downs of the economy and personal wealth can make it a tough decision from time to time. However, current conditions have led to an uptick in consumer confidence in home improvements.

According to the National Association of Home Builders, interest in remodeling was higher in the second quarter of 2014 compared to the first. The NAHB's Remodeling Market Index increased to 56, where an RMI above 50 is an indication that more remodelers report growing activity.

"The recent improvement in the job market has helped restore remodelers' confidence after a dip in the first quarter that was probably in part weather-related," said NAHB chief economist David Crowe. "As homeowners feel more secure about their economic situation, they become more willing to undertake remodeling projects - especially larger, discretionary projects."

If you are interested in planning a remodeling project in the coming months, make sure you have a few key elements in place. For starters, look for affordable home improvement financing so you can manage the associated expenses.

Furthermore, NAHB explained that you should also have a meeting beforehand to go over the details. If you are using professionals, discuss the procedures and parts of the job. This way, you'll know every step and can better plan for potential problems down the line.