Key trends impact remodeling market
Posted on Tuesday, July 31, 2012 at 8:59:47 AM
As the residential real estate market continues to recover from the housing bust, there are a number of changes developing. For example, more homeowners are electing to remodel their property instead of selling.
"In marked contrast to the boom years, homeowners no longer regard their house as an investment that will quickly grow in value, enabling them to sell at a profit and move onto something bigger and better," said expert Brian Harvey. "Instead, they see their house as a static asset, whose value will remain more or less the same for the foreseeable future. They’re staying put and putting their energies into making their houses more livable, not more salable, and their budgets are tight, they think about every square foot and every dollar."
Remodeling a home increases a property’s value over time, and this is what many owners hope for during a stable economy. Until the market stablizes, homeowners focus on drastically changing the appearance of homes to include sought-after amenities and strategic designs for the modern lifestyle.
Here are five remodeling tips from the experts at Home Loan Investment Bank:
1. Focus on how you house would look from the outside.
2. Make your home feel larger by highlighting space.
3. Improve the quality and quantity of your lighting fixtures.
4. Use more wood finishes.
5. Renovate kitchen and bathrooms.