Remember 2008-2009? Actually, who really wants to remember the Recession?
There is some good news – remodeling is up! Since 2008, home remodeling has risen about 50%. The NAHB’s (National Association of Home Builders) remodeling market index returned to its record of 57 in the third quarter, and the future market index rose to a high 58. According to the Wall Street Journal, readings on backlog and amount of work committed for the next three months increased, suggesting remodeling will contribute further to economic growth in coming months
So, why the big increase in remodeling?
Some homeowners feel it is a better investment of their money to retain their current home and just make improvements than a buy a brand new home. Some want to stay in their current location so remodeling is a better option. And there are those who just feel that remodeling is a bit of going green, using current resources to improve rather than use more resources to create further footprints.
What’s your thought on new home buying versus remodeling your current home?