The most recent National Association of Home Builders (NAHB) survey shows kitchens and bathrooms continue to be the top remodeling projects. Additionally, more consumers are taking an interest in green homebuilding and remodeling projects as ways to lower their energy-use or save money.
According to a NAHB survey of remodelers and builders released this spring, more homeowners are staying in their homes longer, and instead of moving, they are taking on remodeling projects in their homes. In the last three years, bathroom remodels have replaced kitchens as the most common remodeling project. Both remodeling projects increased 17 percent compared to a survey conducted two years ago. Seventy-eight of remodelers cited bathroom remodels as the most common job; 69 percent said kitchen remodels were most popular.
Homeowners are also focusing on repairs, replacing old components and upgrading amenities, according to remodelers. More than 60 percent of remodelers surveyed stated an increased demand for repairs and replacements of old components in the past two years, while more than half of remodelers said upgrading amenities increased. Other popular remodeling projects included window/door replacements (44 percent), whole house remodels (35 percent), room additions (33 percent) and handyman services (31 percent).
Suzanne Yost, president of the Silicon Valley Association of REALTORS®, says with the uncertain economy, some homeowners are choosing to remain in their homes longer. She notes homeowners should weigh the size, the cost of a remodeling project and their future plans to remain in their home.
"Before undertaking an expensive remodel project, homeowners should consider the length of time they plan to stay in their home and the number of years left on their mortgage," says Yost. "It's always good to consult your REALTOR® about the project you plan to undertake, especially if you decide to renovate your entire house. REALTORS® see many homes and can tell you which projects would bring more value to your home."
Another report produced by McGraw-Hill Construction in conjunction with the NAHB states energy efficiency efforts are becoming more common in new construction and remodeling projects, as consumers realize that green homes have higher quality and can save them money. McGraw-Hill Construction's latest SmartMarket Report estimates the share of green homes in the construction market was 17 percent in 2011, and based on a five-year projection of residential construction, the company expects it to increase 29 to 38 percent by 2016.
Around two-thirds of builders and remodeler respondents reported customers request green homes or remodeling projects in order to lower their energy use or save money.
More than 80 percent of builders and remodeler respondents said energy efficiency is making today's homes greener compared to two years ago. Higher first costs for building green were noted as an obstacle by a much lower percentage of builders than were reported in 2008. In fact, the use of energy-efficient features has become the top practice by nearly all surveyed builders and remodelers, regardless of their level of green building activity.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
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