Found an interesting report on Remodeling Trends from the recent National Association of Real Estate Editors Conference
Spending on Remodeling
The experts are predicting a slight and short-lived decline in renovation spending, in line with other national reports and studies.
Tips for working with renovators
- don’t be afraid to vet your contractor – go ahead and ask the tough questions,
- specify everything in your contract, and
- check your contractor has the proper insurance — including workers’ compensation – else you could get saddled with the liability.
Remodeling Trends & Homeowner Demand
“Nearly every panelist mentioned the pervasive influence of TV design shows”. In other words, the media is heavily shaping and influencing consumer demand. Popular trends include:
- the rise of the outdoor living space
- home kitchen and bathroom remodels are taking longer because of the selection process – more choices = more time
- radiant heat floors
- green flooring (cork or bamboo)
- more cultural diversity in color schemes
- pot-filler faucets, and
- energy-saving appliances or accessories
But the single most striking trend?
“the urbanization of cities”: in essence, more and more people are moving out of the suburbs and into cities … [and] the new urbanites, apparently, are renovators.
… city dwellers are willing to spend freely on their smaller spaces. “A survey we did a couple years ago,” Wilkinson said, “noted that people who live in condominiums spend the same amount of money renovating their homes as people who have driveways and backyards.”
Source: Remodeling the American Dream, Inman News.