by Keith Vaughan
Since the economic downturn in 2008, homeowners are finally feeling more comfortable about engaging in major home renovation projects. In fact, the US is expected to see a 4 percent increase in renovation spending in 2015, according to the Residential Remodeling Index, a product of Hanley Wood's Metrostudy unit.
So, what does this uptick mean for the average homeowner in the Washington DC Metro area?
With the aging housing stock in DC and surrounding areas, home renovation is becoming a necessity as much as it is a luxury. According to the National Association of Home Builders, 78 percent of houses in the District of Columbia and 40 percent in neighboring Montgomery County, Maryland were built before 1970. That shouldn't be surprising considering the northeast ranks number on in average home age nationwide.
A lot can happen to an older home: floorplan styles change based on lifestyle needs, appliances become outdate, lighting needs change, fixtures deteriorate and roofs and siding succumb to years of weathering to name a few. Additionally, older homes commonly had a single bathroom, limited closets, small kitchens, no family room and closed-in spaces.
Major home projects and renovation are no longer reserved solely for multi-million dollar homes. Housing data suggests that up and coming neighborhoods are experiencing economic resurgences and are becoming hotspots for homeowners looking to move, update, or simply add value to their homes. A well-organized renovation or addition can bring new life to an older home and its neighborhood.
From our design build persepective, more homeowners are choosing to stay in their current homes and bring existing housing stock into the 21st century with additions or smart renovations to suit their needs. Installing a new bathroom, updating a kitchen, adding storage closets and shelving, or opening up a floor plan can bring new functionality, comfort, and style to a home. Additionally, common sense says: using our existing housing stock is an environmentally-conscious decision.
Keep in mind, not all remodelers have experience dealing with homes that are more than several decades old. You need an experienced remodeler in order to truly transform your home into the living space of your dreams.
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