With a huge backlog of unoccupied property sitting on the market, homeowners are attempting to get more equity by remodeling. According to Kudzu Research, more than 60% of homeowners in the Atlanta area plan to hire a remodeling contractor sometime in 2011. Not only does this indicate that banks are approving more loans, it also shows that homeowners are aware of the state of the economy.
Some property owners have relied on staging, landscaping and other quick fixes, but buying trends show that buyers are becoming more savvy. From energy saving appliances to environmentally friendly insulation, homeowners know that they can increase the value of their houses simply by making a few simple upgrades.
With remodeling comes building permits, which means that municipalities will be able to depend on increased revenues. Contractors will no longer have to offer the lowest bids in order to get work, and overall the housing crisis may end sooner than analysts expect. Some homeowners will be saving money by completing their own remodeling jobs. Home improvement shows have become more popular, however, some projects are not appropriate for novices.
In general, homeowners will be focusing on areas of the home such as kitchens, decks, bathrooms and basements. Home improvement retailers will also likely see a boost in profits. Appliance sales may increase, but some homeowners are planning to make due with what they have. Although a lot of work is planned for the remainder of 2011, the effects will not become fully apparent until well into the new year.
