Remodelling Is On The Rise: Record Number of Americans Ready to Renovate

An increasing number of Americans will renovate their homes this year, according to projections released last month by Harvard University's Joint Center for Housing Studies..

The report estimates that spending on remodelling and repairs will climb 8.6 percent this year to $310 billion. The gains would bring renovations close to the 2006 peak of an inflation-adjusted $327 billion.

“Ongoing gains in home prices and sales are encouraging more homeowners to pursue larger-scale improvement projects this year,” says Chris Herbert, managing director of the Joint Center.

“On the strength of these gains, the level of annual spending for remodelling and repairs is expected to reach nearly $325 billion nationally by early next year.”

“Our freshly recalibrated indicator now forecasts a broader segment of the national residential remodelling market that includes both improvement and repair activity to the owner-occupied housing stock,” says Abbe Will, a research analyst in the Remodelling Futures Program at the Joint Center.

“With this re-benchmarking, the LIRA now more accurately sizes the remodelling market and continues to anticipate major turning points in the spending cycle.”

Homeowners are tapping into equity

MarketWatch Personal Finance Editor Amy Hoak says that homeowners are tapping into renewed level of equity to pay for renovations.

“A fundamental reason homeowners see remodelling as an attractive alternative to moving: More are now eligible to tap their home’s equity to pay for improvements,” she says. “When home prices plummeted in the last housing crash, homeowners lost trillions of dollars in home equity. Some owed more than their homes were worth. Home-equity lending naturally waned.”

“Years later, it’s a different story. By the end of last year, 91.5% of residential properties with mortgages had equity, according to property information company CoreLogic. Home equity has increased by $6 trillion since mid-2011, and more than 60 million homes have at least 25% equity.”

Are you among them?

If you’re a homeowner thinking about remodelling or renovating your home, Windows on Washington offer a range of home improvement services, from replacement windows and roofing to siding and insulation.  

WoW provides quality products, expert workmanship and outstanding customer service. But don’t take our word for it, read what some of our most recent customers had to say.

 "Everything went great. The guys were on time and worked fast to fix the problem. Thanks to everyone for setting this up and resolving the problems. Keep up the good work! ~ Kevin B.

The installation and workmanship were first rate - the crew was courteous and did an excellent job. ~ Scott P.

Yes, everything went fine. Can't say enough how impressed I've been with your company. You'll get our business when it's time for us to get new siding and gutters. ~David W.

Take advantage of the 10% discount until end of May – Book a free in-home estimate here