Home Improvement Delight - US Home Improvement Market
The US home improvement market
The U.S. home improvement market has been steadily increasing over the past several years for a variety of reasons. In 2013, the Home Improvement Research Institute reported that overall sales in the home improvement market increased by approximately four percent to $290 billion. People are putting more into their homes and doing more with the space they have. If you want to understand the persistent growth in the U.S. home improvement market, you will first need to understand the housing market.
There Is a Housing Shortage
Major metropolitan centers around the United States are reporting that housing needs are not keeping up with demand. The growth in population, along with a noticeable shift of young people moving back into the cities, has created housing shortages all around the country.
Instead of worrying about trying to find a new home, many people are opting to remodel the homes they have and create more living space. It is a trend that has caused remodeling contractors and home improvement warehouses to see an increase in sales over the past several years.
A Rebounding Economy Rewards Increased Home Value
The recession of 2009 caused housing prices to drop drastically and many homeowners lost thousands of dollars in the values of their homes. But now that the economy has started to rebound, those same homeowners are looking to take advantage of low interest rates by refinancing their homes. Remodeling a home prior to refinancing will increase the home's value and get you more money in your new loan. By investing just a little in basic remodeling projects, homeowners are finding that they can get refinancing deals that allow them to pay off other bills and improve their finances.
Housing Innovations Save Homeowners Money
Many of the remodeling projects being done today are based on either new technology or environmentally-friendly materials. For example, a homeowner can have a solar-powered water heater installed and save a significant amount of money on their energy bills. New technology allows home owners to have more control over their home's environmental systems and that can also save money.
Solar technology and new heating processes are becoming popular remodeling topics for homeowners all over the United States. Homeowners are also inspired to have new, energy efficient windows installed in their homes because of big government tax breaks.
Changes in American Living Habits
The rough economy forced Americans to move back home with their parents, and it also forced families to find alternative ways to help family members with long-term care requirements. These changes inspired remodeling projects that created more living space in homes, and outfitted homes with the necessary equipment to assist in long-term care.
New Building Materials Make Good Investments
Many American homeowners are opting to have more durable building materials installed on or in their homes as a way of getting a strong return on their investment. The most common example of this practice is the rising popularity in metal roofing materials. A metal roof can last significantly longer than a standard asphalt shingle roof and drastically decrease the amount it costs to maintain a home. By having a metal roof installed, homeowners are spending money on remodeling projects that will preserve their value for a very long time.
Home remodeling in the United States has been on the rise for several years. Homeowners are finding practical reasons to improve their homes, or they are being forced to make changes because of their home situation. With the availability of new technologies and more efficient building materials, smart American homeowners are using their remodeling projects to save money now and for many years to come.
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