Home Improvement Projects Rise as Prices of Homes Continue to Increase
Everything appears to be on the rise in current real estate market conditions - buyers flock the market, prices of homes continue to increase and home improvement projects are on the rise. A recent report shows that both homeowners and sellers are spending more on home improvements.
For most sellers, remodeling your home can make or break the selling price of your house. Depending on which part of the house you are remodeling, you can either boost the selling price of your house and get more offers, or your home improvement project can shun away potential buyers.
As previously reported here on Realty Today, home improvement projects, when done correctly and in the right areas, can help boost the selling price of your house in the market. As it turns out, a lot more sellers are taking advantage of this, as Realtor.com reports that there was an increase in the number of home improvement projects in 2015.
According to the report from the National Association of Home Builders, 81 percent of 274 remodelers who were surveyed did home improvement projects on their bathrooms. About 79 percent did some kitchen remodeling, 49 percent did an overhaul of their whole house while 47 percent added rooms to their existing homes.
This may be a reflection of the current real estate market and economic conditions. According to the publication, since prices of homes are continuously on the rise, more homeowners are choosing to remodel their current houses instead of purchasing a new one.
Sellers, on the other hand, are hoping to boost the selling price of their home in the market by remodeling certain areas of their house. The increase in the number of home improvement projects also reflects that homeowners are at a better position in terms of their financial condition. Whole-home remodeling projects saw a 10 percent increase in 2016 while room additions increased by 12 percent.