The National Association of the Remodeling Industry (NARI) recently conducted a poll that reveals homeowners are choosing to personalize their space with a remodel, as the tough housing market forces more people to stay, rather than move.
The poll, which was conducted on NARI.org, showed that 26 percent of respondents are planning to stay an additional 16 to 20 years in their homes because their home values have decreased during the recession. Twenty-three percent reported they are going to stay an additional six to 10 years in their homes.
The U.S. Census Bureau reports combined existing and new single-family home sales decreased 5 percent in 2010. “This is very telling of what homeowners are experiencing as a result of the recession,” said NARI national president Dean Herriges, MCR, CKBR, of Urban Herriges & Sons, Mukwonago, WI. “Because many homes have recently decreased in value, people are deciding to stick it out for much longer than they had originally planned.”
This has sparked a new remodeling trend that centers on upgrading homes to reflect individual lifestyles and tastes as people decide to live in them longer. “Remodeling used to be about increasing resale value—making improvements that are appealing to the majority of buyers in order to boost the value of the home,” said Herriges. “More and more people are throwing out the resale theory and making specialized improvements that suit their needs and their needs only.”
Homeowners are opting for spas with exercise pools, caterer kitchens, art rooms, yoga studios, motorcycle garages, dog spas, wine cellars and tasting rooms, helicopter pads, 3-D murals, built-in teppanyaki grills, sewing rooms and meditation rooms.
