Remodel for Comfort, Not for Show

During the housing gold rush, many homeowners viewed their houses as profit engines, not places to stay for the long haul. When they remodeled, they focused first on boosting the home’s resale value.

Now, though, many people can’t sell their home or afford to buy a new one. A recent poll by the National Association of the Remodeling Industry, Des Plaines, Ill., found that 26% of homeowners plan to stay an additional 16 years to 20 years in their homes because of decreased home values, while 23% say they’ll stay an additional six years to 10 years.

Thus, resale value no longer comes first in making remodeling decisions, say those in the remodeling industry. Instead, homeowners care most about making their homes more livable. And they’re doing so on a budget.

Bathroom remodels now outnumber kitchen makeovers, a reversal of the trend before 2010, according to the Remodeling Market Index (RMI) of the National Association of Home Builders, Washington, D.C. The RMI survey of remodeling contractors for the first quarter of 2012 found that 78% of respondents said bathroom remodeling was one of the most common jobs they did, compared with 69% for kitchens. Contractors point out that bathroom remodels are easier on the budget than kitchen re-dos.

After bathrooms and kitchens, the next four most common remodeling jobs reported in the RMI survey for first quarter 2012 were:
• Window and door replacements (44%)
• Property damage repairs (36%)
• Whole-house remodels (35%)
• Room additions (33%)

Whatever type of remodeling project you decide to do, you’ll want quality work and affordability. Look for those same features in your remodeling loan. Talk to the professionals at Hopewell Federal Credit Union about your financing options.  Stop by or call us today at 740.522.8311.

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