Many people across North America are deciding to remodel and improve their homes and this could be for various reasons. Some want to add more practical features to the home or make it more comfortable and suited to their needs, while others are looking to add value to the property through making certain home improvements.
A recent report has claimed that by 2025, the home improvement market is set to skyrocket and this will be largely due to remodeling work being carried out. There are various different types of projects people are carrying out in order to improve their homes and often the people having the work done are those nearing or already at retirement age.
Drivers Behind the Spike in Renovations and Remodeling
According to officials, there are a number of factors that are contributing to the expected increase in home renovations. The type of work people are expected to have done on properties could vary from having newly renovated and updated kitchens with deck ovens and other modern appliances through to having extensions added to the home, converting spare rooms, and more.
Officials believe that an increase in the sales of new houses coupled with low rates of interest are among the factors that can affect the number of renovations and remodeling projects that take place. In addition, an increase in disposable income among people in some areas is expected to further fuel the increase in home improvements and related spending.
A lot of people planning on major home improvements in the market are expected to be older people who are near or past retirement age. According to some officials, many of those who are at this stage in their lives have the equity in their property to afford major renovations and remodeling, which then enables them to make the property more suited to their needs at a time when they will be spending more time at home due to not working any longer. Many older homeowners also have a good savings pot that they can used to help improve their property and enjoy a more comfortable lifestyle.
There are also many people who want to change their property to enjoy more practicality and better quality of life when it comes to spending time at home. At the same time, they may be looking to boost the value of their home with a view to selling up in the future. Certain types of home improvements such as extensions, room conversions, and kitchen or bathroom remodeling or replacement can help to make a big difference to the value of a property.
People Creating the Perfect Homes
Essentially, increased access to financing coupled with people taking more of an interest in improving their home and increasing their property value could see the home improvement market increasing over the next few years. People will be able to access affordable financing and can then create a property that is ideally suited to their needs or to those of their loved ones.