Rising home prices and improving home sales figures encourage buyers and homeowners these days to carry out home improvement projects. Kara Johnson, contributing writer for MortgageLoan.com, reports that this trend will continue well into the coming year.
Kitchen Remodel
Spending on home remodeling projects jumped at an annual rate of 10.4 percent during the third quarter, to an estimated total of $140 billion, and is expected to continue to rise at double-digit annual rates well into 2014. That’s according to third quarter tallies from LIRA, the Leading Indicator of Remodeling Activity from Harvard’s Joint Center from Housing Studies.
“In the near term, homeowner spending on improvements is expected to see its strongest growth since the height of the housing boom,” said Kermit Baker, director of the Remodeling Futures Program at the Joint Center. “Existing home sales are still growing at a double-digit pace, and rising house prices are helping homeowners rebuild equity lost during the housing crash.”
Since any type of remodeling may involve a considerable investment, it makes sense to pick home improvement projects that offer optimum returns on investment (ROI), particularly if you plan to put your home up for sale in the near future. Meanwhile, just because everyone else is opting for a sun room or pool addition doesn’t automatically mean you should follow suit. If you intend to obtain a huge pay-off from any sort of home improvement in Annapolis, MD, be sure to study your options carefully.
You can find sensible ideas for Bethesda remodeling projects that offer the best ROI from reputable online sources, yet be sure to take any advice with a grain of salt. The important thing is to put yourself in the shoes of a prospective home buyer. Beyond aesthetics, home buyers typically demand functionality in high-traffic areas like the kitchen and the bathroom. Consider enhancements or additions that address such things as comfort and the efficient use of space in these areas.
Finally, keep in mind that no two home remodeling contractors are equal. You’ll want to make sure everything is executed properly and in keeping with industry standards. For quality home improvements that add value to your property, you can turn to highly skilled, full-service contractors such as Blair Construction LLC.
(Article Excerpt and Image from Home Improvement Spending Strengthens, MortgageLoan.com, 17 October 2013)