Thinking about remodeling your home but waiting for the right time? That time has come, and it's now. Why Is This a Good Time To Remodel? As the cost of homes continue to rise, numerous homeowners may find that now is the best time to add to the value of their homes even more. Interest rates are still relatively low, but they won't stay that way. And with so many homes on the market, it's especially important if you're thinking of selling any time in the near future to make your home as attractive to buyers as possible. The revenue that is spent on home remodeling is expected to rise from 2.4% in the second quarter to 6.8% by the second quarter of the year 2016, according to research by Harvard University’s Joint Center for Housing Studies. The Best Remodeling Projects When It comes to Resale Value Chris Herbert, the managing director of the Joint Center states,
"Home improvement expenditure continues to profit from the last years' upswing in housing market circumstances including sales, price gains and new construction. The strengthening of the housing market conditions is encouraging many home owners to invest in more flexible home improvements, such as bath and kitchen remodeling as well as room additions, this is in addition to the essential replacement of worn materials such as siding and roofing."Home owners that are expecting to sell their homes are already diving into more remodeling projects as well as using some of the equity that they have in their homes in order to finance these projects. Some financial service companies have reported that they have seen an increase in cash-out refinancing this summer, as much as a 68% jump in the second quarter, and it is now at it’s highest level in the past five years. The revenue from the repair and remodeling industry is expected to grow to $300.5 billion in the year 2016; much of that revenue will be due to small projects, such as bathroom and kitchen remodels. Due to the fact that the interest rates are still at a low point, numerous home owners may be rushing to complete their home improvement projects before those rates go up. If value is what you're going for, exterior home remodeling such as replacing your siding with fiber cement, or installing a new entry door, offers some of the best returns on investment. If you've decided that home remodeling time has come for you, give us a call today to find out what we can do for your home. We are a full-service exterior remodeling contractor serving the entire Minneapolis and St. Paul metro area.