We all know the recession and current economic situation has changed the way we buy. In general, consumers are taking more time with bigger purchases. Despite the uncertain economy, the National Association of Home Builders recently announced a five-year high in the remodeling index in the past fourth quarter. It seems that many homeowners are continuing to spend money updating their current home rather than moving.
According to the Chicago Tribune there are three remodeling trends that are growing in popularity despite tough economic times:
1) In- Law Suites
2) Smarter Kitchens and
3) Outdoor Living Spaces
Prior to the recession, many homeowners were investing significant money in creating their dream backyards and many still are, just to a lesser extent.
“The recession many have dinged this corner of the remodeling industry, but the concept survives. In fact, investing in outdoor living spaces has been a major part of even budget-minded upgrades within existing home footprints. Consumers may be scaling back their wish list, but they’re not cutting back on outdoor entertaining and family time.” – Chicago Tribune
The outdoor living industry is one that continues to grow in popularity. In the Spring and Summer months, it’s hard not to see advertisements or news about outdoor games, recipes, accessories and more. And let’s face it, with barbecues, hammocks and corn-hole, who wouldn’t want to increase their outdoor time?
While the majority of our customers enhance their outdoor areas so they can truly enjoy it, it will add value to their home when it is time to sell. Some experts say that a seller can expect a 75% return on the investment of a new deck for instance.