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  WHAT ARE
THE MOST POPULAR REMODELING PROJECTS? |
 Kitchens
and baths are number one and two. Those are the rooms most frequently used and they receive the most scrutiny from
potential buyers. They are also the quickest to become obsolete. In a distant third place are decks and patios, followed by bathroom additions (as opposed to bathroom remodels) and finally, family room and living room additions. |
| DO PEOPLE
REMODEL SO THEY DON'T HAVE TO MOVE? |
| According
to a survey of remodelers attending the recent Remodelers' Show in Atlanta, 53 percent of the respondents cited
"remodeling instead of purchasing a new home" as a major reason their clients remodeled. This was second
only to "needed more space" which was listed by 62 percent of those surveyed. The three-way tie for third
place, all with 44 percent included "wanted more amenities," "lifestyle considerations," and
"needed maintenance and repair." |
| WHAT ARE
THE NEW AND EMERGING TRENDS IN REMODELING? |
| The Remodelers'
Show asked that question. Fifty-five percent of those polled cited "great rooms" (a combination kitchen/dining/family
room arrangement). Second place was home offices (41 percent), followed by home security systems (40 percent),
energy management systems (23 percent), exercise rooms (21 percent), and lighting control systems (20 percent).
All of these reflect the trends seen in new homes and they all relate to lifestyle and priority changes. The bottom
line is that people are adapting their homes to fit their lifestyles, not the other way around. |
| WHY IS THE
REMODELING OUTLOOK SO BRIGHT? HOW IS THIS AFFECTED BY THE CURRENT ECONOMY? |
| A strong
economy is certainly good for remodeling, but remodeling's optimistic future can be attributed to several factors
working together. First is that the average American home is 28 years old, and over 80 percent are more than 15
years old. Most need considerable repair and maintenance, and many need an extensive overhaul to keep up with contemporary
styles and amenities. Another positive sign for the remodeling market is the "yuppie" factor. The baby boomers (those born between 1946-1964) are not only the segment of the population most likely to remodel, but they are also the largest segment of the American population as well as the segment which is in the peak of their earning years. |
| HOW MUCH
OF A RECOVERY CAN BE EXPECTED FROM A REMODELING INVESTMENT? |
| REMODELING
magazine publishes the annual "Cost vs. Value" report. In the most recent survey, 240 real estate agents
in 60 cities rated eleven popular remodeling projects and estimated what percentage of the cost would be recouped
if the project was done by a professional remodeler on a mid-priced home in an established neighborhood, and the
home was sold within one year of the project's completion. Not surprisingly, kitchens and baths came out on top. |
