As your professional kitchen remodelers, (and bath!) we recently read an article on CNBC that discusses why NOW is the time for that bathroom or kitchen remodel you have been dreaming of. We have summarized it here, and added some of our own thoughts as well!
Many people are putting more money into their homes right now, part of that could be a fear that interest rates may soon rise, as well as homeowners are feeling better about the value of their property, and will now be more likely to add to that value.
Home improvement spending continues to benefit from the last years’ upswing in housing market conditions including new construction, price gains and sales. Strengthening housing market conditions are encouraging owners to invest in more discretionary home improvements, such as kitchen and bath remodeling and room additions. The projection is bolstered by a surge in cash-out refinances this summer, much of the money is going back into homes in the form of renovations.
More than two-thirds of home renovation firms reported 2015 year-to-date revenues and profits to be at or above pre-recession levels, with one in five firms or more reporting revenues and profits to be significantly higher, according to a recent report from Houzz.
Spending in the repair and remodeling industry is expected to grow in 2016. The bulk will be in small, discretionary projects, like kitchens and bathrooms. Researchers are projecting home price appreciation to be 4.2 percent next year, and they estimate that each 1 percent of real appreciation drives 1 percent incremental higher average project size for both big and small projects, as well as a 1 percent increase in average small project spend per remodel.
Overall, we are all seeing a renewed confidence and investment in housing, so now is the time for you to get on board and make those renovations to your kitchen or bath that you have always dreamed of!
Contact NJW today! We currently build in Westerville, Worthington, Whitehall, Upper Arlington, Powell, Pickerington, New Albany, Lancaster, Hilliard, Gahanna, Dublin, Bexley, Columbus and all of Central Ohio.