Many people wonder now, with the economy the way it is right now, how the renovation industry will succeed. With remodeling costs and housing prices down, the return on investment recovered from a renovation project is considerably less than what it was. So how does this affect the home improvement industry?
With the tightening of lending industry, and the most difficult to qualify for credit, many people find it difficult to qualify for a mortgage or line of equity to credit house as it would be to qualify for a new mortgage. Still, however, for many people, remodeling is always a better option than moving
Think about this :. There are approximately 130 million households in the United States and their average age is over 31 years. Since these 130 million homes continue to age, maintenance, repair, renovation and remodeling will be required.
With global warming continues to increase, the need to make more energy-efficient house is a major priority for both personal comfort and appeal of resale. Things like setting insulation and energy efficient windows and air conditioning for homes that are not built with AC are needed.
Other things, such as the need to fix a leaky roof, or other items that are in poor condition will always remodeling and home improvement projects that owners will have to make . The key is that the work needs to be done and in general is that homes continue to age, it will also continue to be many things that need maintenance, repair and remodeling.
However Remodeling is not always just about the maintenance of your investment, often remodeling and renovation are motivated emotionally. The home is a very personal place and reflects your personality and design and lifestyle. Also with gas prices and the economy in the way they are at present, are much more entertaining at home instead of going out.
Some of the biggest trends in remodeling are now effectively outside remodeling, including the addition of decks, patios, outdoor living rooms with fireplaces and Jacuzzis, outdoor recreation centers with full air even TV flat screen or not believe, then outdoor kitchens are obviously a very hot trend right now and even pizza ovens too.
No matter what stage the economy or the housing market is in, remodeling is something that will always need to be done by many many people for many reasons, and is definitely here to stay.