"Glitzy is out and comfy is in as Americans take a simpler approach to home renovation."- Wendy Koch,USA Today
With real estate values slowly rising from stagnation homeowners are also taking it slow by staying put and making their investment homes, HOME. They are taking on small remodels to improve livability.
Home remodeling has been picking up since 2012 and posting strong growth. A lot of the rebuilds driving the market are midsize kitchens,bath projects, maintenance work like waterproofing and reconditioning flat roofs, and energy-efficiency upgrades.
In fact, unlike a few years ago, Americans are now spending more on remodeling than on new construction, says Stephen Melman of the National Association of Home Builders. He says they're moving less now than at any time since World War II, so they're thinking less about the resale value of a remodel.
"They do it, because they want to. That's a major change in the psychology," he says.
Yet with home equity loans in short supply, many Americans are paying cash for renovations, so their projects tend to be smaller and focused.
"The trend we keep seeing is a move from formal to informal living," says Jerry Levine, president of the Washington, D.C.-area remodeling firm Levine Group Architects & Builders. He says his high-end clientele, who spend an average of $240,000 on renovations, want spaces to be comfortable, not fancy.
Take Sherry Hiemstra, for example. When she remodeled a 2002 duplex in the nation's capital, she shrank the luxury kitchen (it took over half the first floor) and added windows to the dining area to bring in more light and views of the holly-rimmed patio walkway.
"We wanted something that was very comfortable and met our lifestyle," she says.The single biggest overall trend is homeowners craving to be connected to the outdoors, via larger windows, decks or porches.
Americans are going back to the future as they try to create permanent, family homes that reflect who they are.
Set up a free estimate with Boyd Construction Co Inc for a roofing service or porch rebuild estimate.
Boyd Construction Co
Family owned and operated in the greater Washington DC area since 1932.