- By Signature Home Services
- In Aging in Place/Universal Design, Cabinets, Energy Conservation, Green remodeling, Remodel vs. Sale, Remodeling, Return on Investment, Tile & Grout, Trends, Windows
What this new spending surge can mean to you in your home…
Home renovation and home improvement investments are booming, and we’re here to answer why.
The first thing many industry experts have looked at is the growing trend of “aging in place.” With more Baby Boomers deciding to stay right where they are and improve their homes instead of trading them in for newer ones, home remodeling has surged 30% in the last five years!
The last report from BuildFax came with a quote from their chief operating officer, Mr. Jonathan Kanarek. He said, “all three categories, new housing, remodels and maintenance, are at historically high levels.”
Fancy that. Let’s dig a little deeper!
Is it just about Baby Boomers?
Of course, the surge in home remodels isn’t just about one generation opting to stay in their homes. It also has a LOT to do with new products on the market that are getting homeowners thinking about new quality of life returns.
But most of us are still interested in hard-cold-cash returns too. In case you missed last week’s blog on the Cost vs. Value report for National Home Improvement Month, we’ll sum it up for you: renovations in the home are bringing a bigger return on investment this year than last year, and that number has been on the rise for the last five.
Coming back to the new products homeowners are getting excited about, though, smart home assistants like Alexa are getting updated just about every day with new tricks and features…It’s not just about “Alexa, play The Police” anymore. Now, your home can be a lot more comfortable and a LOT more secure with one of these smart speaker systems. ConsumerReports just published an especially handy article on some of the new luxuries you can bask in at home with one of these systems installed…
Renovations…or home maitenance?
As it turns out, home maintenance has been increasing at a MUCH faster pace than home remodels (even though both are on the rise). The annual rate of maintenance volume in homes around the U.S. jumped up 5.2% last month, with a spend increase of over 8%.
These shifts have shown how many homeowners are shifting toward improving their current homes. Many popular projects with the biggest return on enjoyment include:
• Updating doorknobs around the house
• Cleaning out air ducts for summer
• Updating lighting*
• Updating or fixing cabinet hardware*
• Clearing out grout in the kitchen and all bathrooms
• Exterior window maintenance (trim paint, screen replacements)*
• Checking stone in and around the back yard for grilling season!!
EXPERT TIP: The items marked with an *asterisk are not JUST home maintenance tasks that bring a boost to comfort and quality of life, but they also act as mini “facelifts” for any space!! Visually, they make a HUGE difference.
Home maintenance spotlight: Energy Efficiency updates
We can’t say it enough: now that summer’s heating up, the NUMBER-ONE thing you can do in your home maintenance to be as energy-efficient as possible is to get your air ducts cleaned.
According to the U.S. Department of Energy, 25-40% of the energy used to heat or cool your home is WASTED. Just like that! Contaminants in your air ducts cause your system to work harder and fail faster, too. When was the last time you had your ducts cleaned? So save energy, save money, and breathe clean this summer.
Other popular home improvements families are looking at for energy efficiency this year include:
• Increasing insulation in the attic and basement
• Sealing air leaks around floors, walls, ceilings, windows, doors, and fireplaces
• Installing and set programmable thermostats
• Installing an energy-saving water heater as soon as you’re due for an upgrade
• Installing thermostatic control valves in your shower (yes, these exist!)
• Upgrading appliances, when you’re due, with an eye on the Energy Star rating
• Installing energy-efficient lighting in every room of the house
And, let’s be honest…with all the devices we use now…we’re consuming a LOT of electricity. Try to be conscientious for you and your whole family. Start by taking a look at this Consumer Electronics Savings Calculator to see how much you could save on a monthly basis with just a few tweaked home habits…
Your home is more than a place, it’s a feeling. Look around you and ask yourself, what do you get out of your home today? What do you want to get out of it tomorrow? If you’re not planning on moving within the next five years, the right thing to do is to focus on improving your home to your likes and your needs—for your sake and for your family’s.
Home renovations and home maintenance spends are on the rise as more and more households settle in to stay happy and healthy in the homes they’re in NOW. And just because you’ve committed to a house doesn’t mean you have to “accept” things about it that are “less than perfect.” The return on enjoyment that you get out of your home is IMPERATIVE to live the way you want to (and to support the lifestyle you want).
Give us a call today or send us a message if you have questions about the “returns” on a project you’re thinking about!!
To read more, check this article out.
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