Kitchen and bath remodeling levels increase
Posted on Tuesday, June 19, 2012 at 9:34:53 PM
Remodeling a home can increase the value of the property in a resale and improve the functionality of a space. The number of renovation projects decreased significantly following the housing bust. However, the recent positive turn in the economy is encouraging more Americans to invest in their home in 2012.
According to the National Kitchen and Bath Association’s first-quarter status report, kitchen remodel sales volume increased more than 50 percent from the previous quarter and 17 percent from the same time last year. Renovation prices have also increased 6 percent from the fourth quarter in 2011 and 11 percent from a year ago.
In addition, bathroom remodel sales volumes increased 26 percent from the previous quarter and 9 percent within a year. Prices have remained relatively the same and only improved 1 percent from the last quarter in 2011 and 18 percent in a year-over-year comparison.
Homeowners considering a kitchen or bathroom renovation can use home improvement financing to fund the project. Overall, experts predict the industry shall continue to improve as the year progresses.