As a home remodeling contractor, I was interested in an article I came across on the Motley Fool investment advisor website, and thought homeowners might be interested, too. According to this investment advisory team, “the U.S. housing market is a disaster.” Well, that’s not news. But the article goes on to say, “it may come as a shock that home remodels are on the rise.”
In fact, the investment advisors report that the seasonally adjusted Remodeling Market Index (RMI) compiled by the National Association of Home Builders is at its highest level since 2006. In addition to measuring a rise in homeowners’ current and future plans to remodel, the RMI also reflects homeowners’ willingness to stay put rather than moving “up.” Whatever the reason – tight credit or a desire to sit tight until housing prices recover at least a little – more people are choosing to remodel. Plus, the Motley Fool article says “it’s likely that the number of remodels will continue to tick higher.”
We think this is good news for home remodelers – and for homeowners. Fact is, that with a sensible, well-planned remodeling project, you can fall in love with your home all over again. Plus, you might find that you can get that beautiful new look and living space for less than you’d pay for the real estate commissions, closing costs and moving expenses involved in finding a new home.
Even if you can’t or don’t want to move, talking with a home remodeler now comes with a dividend. You immediately enjoy more comfort and day-in-day-out livability. You also keep your home’s perceived value “up to standard” so that if you do eventually put it on the market, it can be far easier to sell than a home that hasn’t been freshened and upgraded.
No question about it: for all of us, our homes are major investments. So maybe we can consider remodeling as good “investment advice.” And for good measure, maybe I’ll also take a look at buying a few shares of Home Depot or Lowe’s!
