One of the first industries to be affected by the economic downturn was the construction industry, particularly new home construction. As the economy has generally improved, so has the construction industry, but it still remains weak. Increasingly, homeowners are choosing to stay in their existing homes or buy from current resale home inventory and make changes to these homes by remodeling them to fit their changing needs.
The changes homeowners make can be as simple as repainting or as complicated as adding rooms. Some remodeling projects can be easily completed by homeowners, while others require professionals.
Kitchen and bathroom remodeling projects are two of the most popular projects homeowners undertake. Sometimes projects involve simple cosmetic changes, like repainting and carpeting, while other changes are more involved, like completely stripping cabinets and countertops, replacing cabinets and countertops, re-tiling floors and walls are added or removed.
Unless you have the required experience handling electrical, plumbing, and cabinet changes, you should hire professionals to handle these jobs, not only for safety, but also to get the best possible results. Faulty wiring can create a dangerous situation that can threaten your home and family. If you make a mistake when measuring cabinets and countertops, the mistake can be very costly, especially if you’re installing more expensive granite countertops.
In 2013, homeowners spent $130 million on remodeling, a sharp increase from previous years. This trend has helped companies that offer home building products get back on their feet by selling more plumbing fixtures, windows, countertops, cabinets and more. It has also provided work for companies large and small that offer remodeling services.
This trend to renovate and remodel rather than build a new home means that more and more older homes are being remodeled. Entire older, blighted, or less desirable neighborhoods are being revitalized as commercial or residential properties. This is improving communities and creating vibrant downtown areas. These changes are also helping local economies recover and create more jobs.
It is difficult to predict how long this trend will continue, but many believe that it will not end soon. Of course, there are benefits to having a newly built home, but remodeling an existing home to suit your needs can make it feel more your own and increase your home’s value. Consider all of your options and decide what’s best for you and your budget.
