Harvard study shows remodeling projects on record pace
Feb 2, 2015, 10:51 AM | Updated: Oct 10, 2024, 2:03 pm
Home improvement business could reach record levels this year, according to a new report from the Joint Center for Housing Studies of Harvard University.
What’s behind the increase? Potential trade-up buyers are fixing up their existing homes for sale, federal and state subsidies are increasing the desire for energy-efficient upgrades, and landlords are sprucing up their properties to justify raising rents, according to the report.
A strengthening job market is also helping to lead more homeowners to take on home remodeling projects, following years of delaying projects.
Spending on discretionary home improvement projects jumped by nearly $6 billion between 2011 and 2013 – the first rise since 2007, according to the report.
The top remodeling projects continue to target the kitchen and adding a new bathroom, but baby boomers also are increasingly retrofitting their homes for better accessibility and with age-in-place features. Also, more homeowners are tackling home projects centered on energy efficient upgrades, such as for windows and heating and cooling systems.
