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.
