The figures for remodeling activity for 2012’s final quarter have been tallied, and the news was great. Each quarter, the NAHB is surveyed regarding remodeling activity. Factors such as current jobs, future contracts, and bid requests are examined. The report is known as the RMI, or Remodeling Market Index. A score below 50 implies that those in the remodeling market are reporting a decline in projects. In much of 2011 and some of 2012, regional scores were often in the low to mid-40s.
The exciting news is that by the end of December 2012, the RMI was at its highest level since 2004. The overall average hit 55 and all four regions had scores over 50. Due to the after effects of Hurricane Sandy, the score in the Northeast region jumped up 24 points.
So with this upsurge in activity, which types of remodeling projects is everyone doing? Here’s a look at a few of this year’s hottest remodeling trends:
Amp Up Energy Efficiency and Sustainability - Going green and incorporating sustainable elements into the home are concepts that have finally gone mainstream. Homeowners are now realizing the benefits of a range of energy saving improvements such as better doors and windows, higher quality insulation, and money saving EnergyStar appliances. Especially popular are water saving kitchen and bathroom fixtures, namely toilets, faucets, and showerheads. Newly designed home lighting and HVAC upgrades are other desired choices.
For those with a limited amount of cash who are not in line to inherit family heirlooms, namely significant pieces of furniture, exploring the used market is a worthwhile venture. Not only is it an excellent way to save money, buying furniture second hand ensures that your rooms will reflect your individuality instead of representing just another Pottery Barn or Ikea catalog page.
So, after months of house hunting, you’ve finally found the perfect place. You’re in the process of taking care of all the nitty gritty details and have big plans for making it your own. One item to include on the checklist is to find out which appliances and other components of the property have warranties and whether or not they are transferable to you.
Slumlord jokes aside, investing in rental property, fixing it up and finding a few good tenants is a goal that many individuals have. A market that has been flooded with short sales and distressed homes has made this plan a reality for many. What happens when the best laid plans fall apart because you discover that those charming people who signed your lease agreement turn out to be less than respectable? In fact, the neighbors have been calling constantly about suspicious activity and the police have even been by a few times.
The prospect of owning a home is certainly exciting. However, to the uninitiated or inexperienced individual it can be a little more than daunting. Just as with children, homes do not come with a “how-to” manual. It is true that a home’s key systems, such as the HVAC, irrigation, plumbing, and electric may come with instructions and warranties. After closing, the seller may also present you with a stack of folders and paperwork detailing the ins, outs, and quirks of your new residence. However, in spite of any information you acquire, it is an excellent idea to possess a few “how-to” guides of your own. Depending on your property, there will be either a short or long list of routine maintenance checks that you will be responsible for. Unless you plan to have an onsite handyman and gardener, owning reference books for what to do and when to do it, simple repairs, and landscaping, will be essential. Here is a short list of some of the most popular and helpful books for homeowners:
Thanks to congressional efforts to reduce the nation’s deficit, tax breaks for mortgage insurance have been revived, along with several other housing provisions in the so-called “Fiscal Cliff” Deal.
A study from the National Association of Home Builders (NAHB) says the average buyer of a single-family home will stay in the home approximately 13 years before moving out. The results of the study were based on a long-run calculation that averages mobility tendencies over a number of years.
