Remodeling Continues To Grow

Homeowners today are anything but "on the move." Tight mortgage monies, spiraling interest rates and rising inflation have caused them to take a second look at their homes. The result has led to a surge in home remodeling that the U.S. Census Bureau estimates will equal or exceed that of homebuilding expenditures this year.

According to John Hammon, executive vice president of the National Home Improvement Council, "All signs indicate that remodeling, which has consistently been on the rise for the past 30 years, will continue to grow at a rate of approximately 15 percent in the next few years."

And, although the do-it-yourself segment of the remodeling market seems to be growing at a rapid rate, Hammon added that, "70.4 percent of the total marketis still professionally installed remodeling." But, if money is so tight, why are people willing to remodel?

One reason is [he aging housing stock. Although there are more than 78 million homes and apartments in this country, at least half are more than 17 years old.

To maintain this aging housing 'stock, remodeling is essential.

• Secondly, the growing concern .for energy conservation, sparked by ever increasing utility and fuel costs, has motivated homeowners into updating their homes' energy efficiency through remodeling.

"The fact that reinsulation and replacement windows, storm doors and windows remain two of the most popular home improvement projects easily verifies this point," according to Hammon. "And, since a house is probably the "largest investment a family or individual is likely to make, remodeling is a way of investing in an investment," he added.