If you are considering remodeling your home, now is the best time to maximize the value of your residential real estate. According to Harvard's Join Center for Housing Studies, the US home improvement industry has fared much better than the housing market. The organization expects spending on home remodeling to continue to surge in 2016.
When the housing bubble burst, more people spent on improving their current homes rather than buying new homes entirely. Now that homeowners are more confident in the value of their homes, they are equally confident to add value by remodeling and renovating. Between 2011 and 2013, home improvement spending rose by nearly $6 billion. More homeowners are remodeling now, while interest rates remain low.
Industry experts are optimistic for the future thanks to Millennials, who are largely still renting at this point. Chris Herbert, Managing Director of the Joint Center for Housing Studies, noted "It's only a matter of time before this generation becomes more active in the housing market, supporting stronger growth in home improvement spending for decades to come."
When property owners upgrade or put an addition onto their homes, it's important to update their homeowners insurance policy too so that the home is insured to value.
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