There is a growing trend in the housing market in the past few years that has resulted in an increasing demand for Home Improvement, Renovation, Remodeling and Additions. The reasons are simple:
1.Land prices are accelerating, especially waterfront lots
The cost of land is accelerating across the
2.The desirable lots already have an older home on them
This is especially true of waterfront lots and larger non-sub dividable parcels. Folks seeking an attractive building site become frustrated because all the really nice lots have a home on them. Many savvy buyers are purchasing older homes and tearing them down. The usual result is a home that is worth more than the purchase price of the older home plus the cost of the new one!
3.Outdated architecture
Most of the older homes, even ones 15 years old, are hopelessly outdated in terms of appealing architecture. Oftentimes, the solutions to updating the appearance of an older home is simpler and more affordable than one would imagine.
4.Old fashioned floor plans and elevations
Odder homes are notorious for having “cut up” floor plans with small rooms exacerbated by too many unnecessary walls. Great rooms, super baths, exercise rooms and even the deletion of dining rooms is becoming more commonplace.
5.Baby Boom Generation
The “Baby Boomers” are finding themselves “empty nesters”. And what they are seeking are additions, conversion of bedrooms to home offices and exercise rooms and the like.
The almost guaranteed result of a good home improvement, renovation or remodeling is a home that is worth well in excess of it’s prior value even after factoring in the cost of the improvements.
