Home renovation has been called the other side of the housing boom coin and it is still on the agenda in the USA in a big way. More people now spend increasing amounts of time and money renovating their homes and houses for sale than ever before in our history.
Those who have been part of the recent housing boom and bought up available housing stock are the self-same people who are now boosting home renovation material sales and business opportunities for independent contractors, handymen and more. This article shows why this is the case and argues that it is a factor of the housing market that is set to continue long term. The housing market may have stagnated slightly over the last quarter, but those who have already purchased property are still looking to fix and renovate. This and the reasons below are what is driving this trend.
Home renovation Adds value
Home renovation or improvement is the best way to add value to your home and is an accepted means to build equity in the property. By improving the house, both exterior and interior (such as adding updated insulation and roofing) you will be able to almost guarantee that the home will sell for more than you paid, furthermore, these works offset your mortgage, making for a fantastic long-term investment.
Makes a house a home
The best means of making a house a home is to adapt and change the house to suit your families’ specific needs. One of the best ways to make a house feel more homely is to let it change with you and this will entail renovations to make the space more comfortable. Include art and décor that speaks to family experiences and color schemes for all family members in their own spaces.
Can buy cheap and then fix up to rent
With the reduction in interest rates and the amount that your money will make in the bank it has become preferable to buy cheap properties at auction. Fix these up with ongoing home improvement and renovations and then to put these properties on the rental market. This rental trend has also included commercial office space, specifically on the West Coast. These too have been bought cheap, renovated and improved or often simply professionally cleaned and then rented out.
Best long-term project to do in the safety of your own home
Fixing or improving a home can take time and for many it is an ongoing process that provides you and yours with a fantastic way to spend time together while you fix up your home. Many DIYers have noted that home renovation and improvement is the best long term DIY project that you can do without having to leave the home.
It will serve to keep in mind that as mentioned above, the property will also need a post construction or serious clean and this should be planned as part of the renovation process. It is clear that home renovation is a pastime that has both stood the test of time, but also expected to be one of the longest standing trends, hobbies and pastimes. It definitely has several positive advantages and outcomes for your home; however, this is only if the works are well planned and those doing the fixing and repairs are as well versed and experienced in the type of work as is possible.