With the May 2014 Home Remodeling Month in the rearview mirror, the surge in home remodeling projects that were statistically noted in 2013 are expected to continue throughout the remainder of 2014 and beyond. This is according to Remodeling Magazine’s Cost vs. Value Report, which saw more home improvement dollars recouped upon resale of a home than the previous year.
Some of the standout statistics of this report profiled in REALTOR® Magazine show that bathroom and kitchen remodels, as well as bathroom additions were firmly ensconced in the top ten project trends. Bathroom remodels as well as major kitchen remodels saw a cost recoup of 63.6 percent while bathroom additions saw a value recoup of 60.6 percent.
For the most versatile luxury home builders, PA homeowner trends and statistics like these are no surprise regionally despite being driven nationally by broad and deep market forces. The ability of these firms to provide ground-up design/build services, as well as specialization in kitchen and bath remodeling allows them to serve a broad swath of homeowners in the PA housing market.
That is exactly why these statistics are not surprising to the most versatile of residential design and construction companies. They must survive and thrive in regional markets where value and cost are fluid markers that change from year to year.
Although the rebounding housing economy is allowing for a more robust new construction market for luxury home builders, PA homeowners across the income spectrum are also opting to remodel rather than sell. That is the word in the most recent Houzz & Home Survey where 53 percent of homeowners said they will remodel in the next two years with no plans to sell.
The residential remodeling, building and decorating activity survey found that although they can get a good price for their home, it doesn’t necessarily equate to being able to buy a bigger or better home. The annual survey was conducted by Houzz.com, a leading online platform for home remodeling and design ideas for homeowners with nearly 200,000 registered users.
Consistent with prior years, the vast majority of homeowners (78 percent) remodeled to improve the look and feel of their space. Secondary factors include making the space more functional (54 percent), increasing home value (52 percent) and upgrading features/appliances (47 percent).
These statistics are further bolstered by the Member Profile Study from the National Association of the Remodeling Industry (NARI), which showed that 82 percent of NARI members identify kitchens as their primary service offering. A closer look shows a number of design trends that are driving the statistics in both aesthetic and practical ways.
For luxury home builders, PA homeowners are looking to work with firms that can translate many of the perks of new home construction to viable kitchen and bath remodeling projects in their existing homes. Their goal is to significantly update and even expand their existing home on a reasonable budget. As always, the key is to be able to provide options that cut across lifestyles, income and emerging market forces to create or recreate homes that people can love today and tomorrow.