Monday, January 07, 2008
Fixing is Up
Remodeling Still Popular
Despite a depressed housing market, remodeling is hot.
A recent Harvard University Joint Center for Housing Studies noted that 2007 was the second-highest year on record for remodeling, with spending reaching $173.6 billion compared with $177.7 billion in 2006.
Dan Fritschen, author of “Remodel or Move? Make the Right Decision,” says that remodeling in a down market can make a lot of sense. His company, RemodelEstimates.com conducted a survey last fall among 5,000 homeowners and found that people are planning to spend about the same amount on home improvement this year as before.
One trend seems to be that homeowners plan to do at least some of the work themselves, a boon for DIY retailers like Home Depot. Surveys indicated that consumers seem to be remodeling with an eye toward comfort rather than enhancing resale value.
Posted by editor at 10:37 AM under architecture & construction
