As the market continues to shift from such a hot sellers market to more of a buyers market, I predict that more money will be spent on existing houses and renovations. What renovations will bring the greatest return on investment? Read this article at Remodeling Online’s site for some of the answers to these questions. I always advise that renovations be made that will increase your “happiness at home” investment first.
When resale value is a major factor in a homeowner’s decision to remodel, the best course of action is to consult with a local remodeler about construction cost, and ask an experienced Realtor about home prices in the neighborhood.
NAHB’s site is a good place to start to find out more about the aging-in-place trend.
Basic alterations can make it easier and more affordable to carry out daily activities, such as bathing, cooking or climbing stairs, and can improve a home’s overall safety. Projects for aging-in-place remodeling vary from the installation of shower grab bars or adjustments of countertop heights, to private elevators and first-floor master suites. Since professional modifications are often barely noticeable to visitors, homeowners can enjoy their home safely and without any institutional feel.
These types of modifications are obviously far easier (and probably cheaper) to install in the building phase, but not all housing stock (I know this will surprise most of you!) is built to last for the next twenty five years and beyond.
I agree with you completely regarding peoples desire to remodel. In this day of rapid apprecition there are quite a few people who have been essentially priced out of the market for a move up home. Here is a link to a fantastic source that I use with my clients to help them decide what is the best decision from both an emotional and financial perspective.