3 Reasons Homeowners Remodel During a Down Economy
There has definitely been a large amount of discouraging economic news lately; especially concerning the housing market. It would stand to reason that many homeowners would just buckle down and sit tight, avoiding any unnecessary spending. You may be surprised to discover that the contrary is actually the case. According to a recent article released by Market Watch, homeowners actually tend to remodel more during a down economy.
They surmised the following reasons for this unexpected behavior.
It is difficult for homeowners to sell their homes.
They realize this, and are looking for improvements that will make their homes more appealing and competitive with other homes on the market.
When unable to sell their homes, some people opt to improve the one they have to better accommodate their family.
If more space is needed, they add an addition, or they try to improve the areas that made them try to sell in the first place.
There are a growing number of homeowners preparing their homes for retirement and their later years.
This trend is called “Aging in Place,” and entails revamping the house to accommodate their changing lives. Whether it is wider doorways, more conveniences or walk-in showers, they are doing their best to plan ahead.
The article also touched briefly on the growing number of homeowners converting to a greener lifestyle. They are looking for ways to make their homes more energy efficient with alternative energy, along with more eco-friendly materials throughout the home.
One point the article didn’t mention is that with the slower construction industry, contractors have more time and more competitive rates. How do you compare?
Tags: aging in place, contractor, demand, economy, homeowners, improvements, industry, planning, rates, remodeling, renovations, repairs, retirement, selling
December 13th, 2008 at 3:32 pm
That was a self-serving press release from DreamMaker K&B, which is obviously trying to make it sound like a good time to remodel because that’s what they do. To pretend it’s a legitimate article doesn’t help anybody.