Expect a Surge in Home Remodeling in 2011
After three years of a slowdown, the home remodeling industry is preparing for surge in activity in 2011. That’s the conclusion of a study by the Joint Center for Housing Studies at Harvard University.
The annual growth in remodeling is expected to be around 8 percent according to the study. In a New York Times article, Kermit Baker, director of the remodeling futures program at the Joint Center for Housing Studies, says homeowners who have been putting off maintenance and home remodeling projects are beginning to spend more freely again.
The expected surge in home improvement activity is coming in the face of continued worries about the new home market. But, that’s exactly the point. Home renovations are not affected by mortgage rates. Most home owners spend cash on such projects.
Plus, upgrading a kitchen or a bathroom is a very cost effective way to add value to a home that will be going on the market soon. Or, on the other hand, if a homeowner understands he won’t be moving to a bigger h0me anytime soon because of the housing market, it’s a reasonable choice to expand the home he’s already in.
Whether you’re planning on a bathroom or kitchen remodel, adding a new addition or creating your custom built dream home on Cape Cod, LaBarge Homes is at your service. We’d love to discuss you’re next building project. Please give us a call at 888-516-2540.