Slump in Housing Demand Prompts Owners to Improve Properties
Remodeling and construction industries reap the benefits of a sluggish home market.
San Diego, CA (PRWEB) January 24, 2007 -- Home improvement and construction businesses are booming as homeowners opt to improve their home, rather than purchase a new one. According to a Fitch Ratings' forecast, home renovation spending in the United States will grow as homeowners continue to customize their homes, improve kitchens and bathrooms and add more living space.
Sluggish home sales, housing appreciation, and high moving and selling costs have discouraged several homeowners from selling their homes. According to the American Homeowner Foundation, home selling and moving costs, which include final closing costs, broker commissions and miscellaneous moving expenses, account for 8 to 10 percent of the homeowners' current home value and have no direct impact on the value or quality of a new home purchase.
Instead, homeowners are finding that remodeling is a more efficient use of their financial resources. More and more people are "staying put and deciding to add an extra room or upgrade features of their existing homes," said Robert Curran, a Fitch managing director.
Homeowners have discovered that some home renovations are more promising than others when it comes to return on initial investment. The top and most cost effective home improvement projects to take on for the new year are kitchen and bathroom renovations. According to the National Association of Realtors, a minor bathroom remodel averages a 102 percent investment return, while a minor kitchen remodel nets 98.5 percent.
"The best way for homeowners to ensure the most efficient use of their resources would be to invest in quality custom property improvements such as granite countertops and custom tiling," said Kelley Munoz, of West Coast Flooring Center. "Both granite and tile work great for kitchen and bathroom improvements."
For more on the latest home remodeling trends and home improvement projects, and to learn about cost effective ways to update your home, visit www.westcoastflooring.com.
About West Coast Flooring Center
West Coast Flooring Center is a quality flooring and home improvement company serving the Southern California area, from Riverside to Chula Vista.
West Coast Flooring is currently offering their customers a $50 gift certificate upon completion of their New Year's Resolution survey, which will help them provide more quality products and customer service in the new year.
To learn more about West Coast Flooring Center home improvement survey, please visit http://westcoastflooring.com/resolution_promo.html.
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