{"id":5551,"date":"2019-09-28T10:03:25","date_gmt":"2019-09-28T14:03:25","guid":{"rendered":"https:\/\/dankrell.com\/blog\/?p=5551"},"modified":"2021-11-23T16:49:16","modified_gmt":"2021-11-23T21:49:16","slug":"renovate-your-home","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2019\/09\/28\/renovate-your-home\/","title":{"rendered":"Renovate Your Home"},"content":{"rendered":"\n
\"renovate<\/a>
Home improvements from the American Housing Survey (census.gov)<\/figcaption><\/figure><\/div>\n\n\n\n

Once thought of as a supporting actor in the housing industry, home remodeling is poised to take the spotlight.\u00a0 The growing fascination with home remodeling<\/a> is generating new renovation trends and research. It’s time to renovate your home! If you aren\u2019t yet thinking of remodeling your home, chances are that you will be planning a home improvement project in the next five years.<\/p>\n\n\n\n

Plaut & Plaut\u2019s conclusion to their study (Decisions to Renovate and to Move; <\/a>Journal of Real Estate Research<\/a><\/em>;<\/a> 2010; vol. 32; p.461-484) states, \u201cHousing renovation is an important component of housing supply, yet one often ignored both in empirical analysis and in policy discussions about housing.\u201d\u00a0 They point out that that renovating a home was becoming a \u201csubstitute for moving.\u201d\u00a0 A possible cause for the trend in 2010 was twofold.\u00a0 First, many homes fell into disrepair during and after the Great Recession.\u00a0 During that time, many home owners could not keep up with regular maintenance, let alone emergency repairs. And second, there was a lack of quality homes for sale immediately after the Great Recession.\u00a0 As foreclosure and REO home sales subsided, many homes for sale showed signs of neglect through deferred maintenance.\u00a0 <\/p>\n\n\n\n

Renovate your home.<\/h3>\n\n\n\n

Fast forward to 2019, home sale inventory continues to be a major problem for the industry (and will likely continue into the next decade).\u00a0 But home remodeling is picking up the slack to improve the nation\u2019s home stock, as well as help increase quality home sale inventory.\u00a0 However, industry experts are learning there are other reasons that home owners are remodeling instead of moving.\u00a0 Trends that have been identified include seniors who are \u201caging in place<\/a>,\u201d and multigenerational homes.\u00a0 <\/p>\n\n\n\n

Although a recent Freddie Mac study<\/a> identified seniors who are \u201caging in place\u201d as a cause of the ongoing home sale inventory shortage, aging in place is also stimulating home remodeling!\u00a0 Homeownership rates for seniors are much higher today than in past generations.\u00a0 Instead of moving to retirement communities or stereotypical senior housing, older home owners are staying put and renovating their homes for comfort and style.<\/p>\n\n\n\n

Multigenerational homes<\/a> became popular again after the recession, when grandparents, parents and adult children pulled resources to live in one home.\u00a0 The trend continues as aging parents are moving in with their children, and young adults are moving back into their parent\u2019s homes.\u00a0 Remodeling a home to accommodate several generations may require turning a basement into an apartment, adding a main level bedroom and bathroom, or possibly building an addition to the existing home. <\/p>\n\n\n\n

Even home owners who decide to move are remodeling their homes.\u00a0 According to NAR\u2019s Remodeling Impact Report<\/a> (nar.realtor), functionality and livability are the top reasons to renovate for a home sale.\u00a0 Most home buyers want a turnkey home that is functional, comfortable and energy efficient.\u00a0 Home sellers who improve their homes before selling typically sell faster and for more than those who sell their home \u201cas-is.\u201d<\/p>\n\n\n\n

While \u201cgoing green\u201d has become a standard in home improvement, a Joint Center for Housing Studies of Harvard University (jchs.harvard.edu) publication \u201cHealthy Home Remodeling: Consumer Trends and Contractor Preparedness<\/a><\/em>\u201d identifies healthy home remodeling as a growing trend.\u00a0 Healthy home building practices are intended on maintaining the physical and emotional wellbeing of the home\u2019s occupants by using healthier building materials, such as \u201clow-VOC paints and formaldehyde-free woods.\u201d<\/p>\n\n\n\n

When planning to renovate your home, home improvement experts recommend: create a budget and stick to it; only hire licensed contractors; and make sure your improvements have permits. <\/p>\n\n\n\n

Original article is located at https:\/\/dankrell.com\/blog\/2019\/09\/28\/renovate-your-home<\/p>\n\n\n\n

By Dan Krell
Copyright\u00a9 2019<\/p>\n\n\n\n

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\"Protected<\/a><\/figure>\n\n\n\n

Disclaimer<\/a>.\n This article is not intended to provide nor should it be relied upon \nfor legal and financial advice. Readers should not rely solely on the \ninformation contained herein, as it does not purport to be comprehensive\n or render specific advice. Readers should consult with an attorney \nregarding local real estate laws and customs as they vary by state and \njurisdiction. Using this article without permission is a violation of \ncopyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

Once thought of as a supporting actor in the housing industry, home remodeling is poised to take the spotlight.\u00a0 The growing fascination with home remodeling is generating new renovation trends and research. It’s time to renovate your home! If you aren\u2019t yet thinking of remodeling your home, chances are that you will be planning a … <\/p>\n

Continue reading “Renovate Your Home”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[113,419,35,478,13,377,34],"tags":[855,926,811,939,752,797,508],"class_list":["post-5551","post","type-post","status-publish","format-standard","hentry","category-home-improvement","category-home-owner","category-home-remodeling","category-home-renovation","category-real-estate","category-renovation","category-updating-your-home","tag-home-improvement","tag-home-owner","tag-home-remodeling","tag-home-renovation","tag-home-updates","tag-real-estate","tag-remodel"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-1rx","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/5551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=5551"}],"version-history":[{"count":11,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/5551\/revisions"}],"predecessor-version":[{"id":6219,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/5551\/revisions\/6219"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=5551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=5551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=5551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}