Friday, August 8, 2014

Trends in Chicago Home Renovation Expenditures

A good way to know whether it’s wise to get home renovations before selling your house is to check the current market trends in your area. In many cases, frequent spending on home renovations is a good thing—but before you call up your local remodeling contractors, here are a few things you should know:

The Joint Center for Housing Studies (JCHS) predicts that a 14.7% rise in renovation spending will occur until the 2nd quarter of 2014.  This is about a 15 percent rate change, totaling $147.6 billion compared to $128.7 billion dollars from the 4th quarter of last year, according to the latest US Census data. However, the Joint Center also projects that by the 3rd quarter of 2014, the market might see a spending drop of 9.9 percent from the previous quarter. 

Top remodeling contractors, along with homeowners, confident of the robust market, are gearing up to capitalize on those positive numbers. Since home remodeling is on the upswing, there’ll be more projects going around for experienced home improvement contractors to help sellers raise the value of their homes.

A popular small remodeling project, for instance, involves tearing down some walls, such as the wall between a dining room and a living room, to create the illusion of more space. In place of the wall, a homeowner might install a condiment island or bar. Those who are planning to remodel their home should also consider environment-friendly designs, whether in interior layout or selecting furniture and fixtures. 

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