Experts Predict Upswing In Remodeling for Next Two Years reports eHardHat
(EMAILWIRE.COM, March 09, 2013 ) WOBURN, MA -- When Michael Chan and his family moved to Bergenfield half a decade ago, they knew they wanted to renovate their rather cramped kitchen, as its 1940 colonial touch simply did not have the assets they required.
When the summer of 2012 rolled around, they felt the time was right to start their project. The tally on the effort was $50,000, and included the total renovations, removing an interior wall that opened up the space. It also required breaking through to the yard in order to enlarge the kitchen's general footprint.
"The main thing is that we wanted to increase the value of our home for resale," Chan said. "We looked at whether we wanted to buy a new house or fix our old one. We decided to fix it so it was livable for us but also functional and more attractive to sell down the road."
Chan said he felt that with the economy turning around, it was a safe time to make the investment. Now the family is also contemplating a bathroom renovation.
"I did always feel like the economy was holding me back," said Chan. "Since the housing market was going back up, I felt a little more confident that I could spend the money on it and hope to gain it back."
The national statistics for home improvement groups show Chan is among a widening segment of homeowners that have felt that the timing was best for the improvements they required or desired for their homes.
Across the nation, the spending within the third quarter regarding remodeling in 2012 reached $121 billion, according to the Harvard Joint Center for Housing Studies. The projection by the HJCHS for the entirety of the third quarter in 2013 is marked at an increase of 20%, to $145 billion.
The National Association of Home Builders' outlook is also showing a positive swing, though it is not as glowing of a mark-up as the Harvard's. It predicts that 2.4% increases will be seen in remodeling spending this year, while 1.7% increases will be seen the following year.
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