Home Owners are Investing on Bathroom and Kitchen Upgrades
A recent survey conducted by the National Association of Home Builders Remodelers (an arm of the NAHB) has seen an increase in larger remodeling projects undertaken by home owners. Aside from the most common remodeling projects for the bathroom and kitchen, many home owners are also working on large and small-scale additions that have not been seen since the last economic downturn. This was confirmed by Kansas-based NAHB Remodelers chair Tim Shigley, CAPS, CGP, GMB, GMR.
The notable increase in remodeling projects started in 2013 with a 10% increase in whole house remodels, 12% increase in room additions, 8% increase in finished basements, and 7% in bathroom additions. Most recent survey data pinpoints bathroom projects as the most common remodeling job since 2010. Around 81% of remodelers reportedly took on at least one bathroom remodeling project in 2015. Kitchen remodels come in at a close second with 79%.
According to the NAHB’s Remodeling Market Index Survey, here are the most common remodeling jobs in 2015.
- Bathroom remodeling- 81%
- Kitchen remodeling- 79%
- Whole house remodeling- 49%
- Room additions- 47%
- Windows/door replacement- 36%
- Finished basement- 30%
- Bathroom additions- 28%
- Damage repairs- 27%
- Decks- 26%
- Roofing- 25%
These data suggest that aside from home owners having better financial capability to spend on upgrades than before, home sellers are also feeling confident that such upgrades will pay off when they eventually make a sale. Don’t make haste though, since it’s more practical to remodel a house according to the actual need and not simply jump the gun on an entire remodeling project because it’s the trend. For Austin home owners looking for a trustworthy contractor for their remodeling work, we recommend Austin Contracting Services.
To read the complete information from the National Association of Home Builders’ Eye on Housing article, please click here.