With the soft economy, many homeowners are deciding to stay in their homes rather than selling at lower prices. So they’re turning to remodeling instead.
The National Association of Home Builders expects 9% growth in the $280 billion remodeling market this year. Contractors around the country say they’re already hearing from homeowners wanting to remodel. However, rather than large-scale, whole-home remodels, homeowners are opting for smaller projects.
Five of the hottest renovation trends include:
1. Extended family suites. Now that baby boomers are growing older, more and more families are deciding to live together these days as a lower-cost option rather than assisted-living care. Therefore, contractors are seeing more demand for in-law suites or apartments built as either a new addition alongside the main home with a connecting door; or as a basement renovation. On the opposite end of spectrum, the soft job market has resulted in more grown children (and their families) moving back in with their parents, which also calls for creative remodeling solutions.
2. Customized kitchens. Families nowadays want kitchens with larger pantries or utility rooms, open shelving, and/or island units for more storage, plus larger eating and family areas for additional space for family dinners and other get-togethers. Other features offer convenience and/or energy savings, such as induction and gas stovetops, French door refrigerators, European spray pullout faucets and deep single bowl sinks.
3. Backyard getaways. With the price of gas and less overall spending money, families are traveling less and electing to “vacation” at home. So outdoor living spaces are still a popular home improvement. Frequent upgrades to outdoor entertaining areas include pools with rock and waterfall features; pool houses with restrooms and shower facilities for guests; extra storage areas for pool supplies and other outdoor equipment; outdoor kitchen areas; and multi-leveled decks. Sun room additions are also a popular indoor/outdoor living feature.
4. Spa bathrooms. Homeowners want to create a relaxing, mini-spa like environment in their homes. Renovations include dual rain shower heads, deep Jacuzzi soaking tubs, quartz and granite countertops, and soft, multi-colored mood LED lighting.
5. Pocket offices. Since most people today use laptops and other mobile electronic devices, they don’t need a formal home office or den. So, more homeowners want small home management areas, known as “pocket offices.” These small offices are often located near the kitchen or family room and feature a built-in work surface and storage area with a pocket door for easy access. They make perfect areas for paying bills, managing the family calendar or downloading recipes.
If you’re thinking of renovating your home to incorporate some of these newest trends or just want to update the overall look of your home, talk to one of the loan specialists at Grandview Lending. We’ll listen to what you want to do and help you find a remodeling loan that’s right for your plans.