Bathroom and kitchen projects rank number one and two as the most work for remodelers in 2011. The number one reason for the remodeling project work, according to consumers, is to repair and/or replace old components. The National Association of Home Builders (NAHB) Remodeling Market Index (RMI) survey was conducted during the first quarter of 2012.
Replacing old components and wanting better components are the top two reasons for remodels.
The recently released data outlines the top eleven reasons for remodeling homes:
- Need to repair/replace old components
- Desire for better/newer amenities
- Desire/need for additional space
- Desire to avoid moving/buying another home
- Need to repair a damaged property
- Desire to age in place
- Energy efficiency/environment concerns
- Desire to increase value of home as investment
- Change in number of people living in home
- Prep for ordinary, non-distressed resale
- Prep for real estate owned (REO), short or other distressed sale
Bathroom remodeling was reported by 78% of professional remodelers as the most common job they handled in 2011. Kitchen remodeling was reported as the second most common job by 69% of the remodelers surveyed.
This new jump in remodeling is a good sign that the housing market is starting to improve. Although sluggish, the housing market has areas of activity across the country as homeowners work to improve their existing properties.
Bathroom remodels were the number one project last year, followed by kitchen remodels.
Other remodeling projects in 2011 were:
- Window and Door Replacement ? 44%
- Repairing Property Damage ??35%
- Whole-house Remodeling ??35%
- Room Additions ??33%
- Handyman Services ??31%
- Finished Basements ??27%
- Roofing ??24%
- Siding ??23%
- Decks ??21%
There is great demand for products and services for the growing 55 and older consumer as forecast by the NAHB. The 55+ age group will continue to grow in population until the year 2019 when it will account for nearly 45% of all households.
The NAHB also noted characteristics of the 55+ group as fitter, more computer savvy and wanting to live a different lifestyle than previous generations. As proof of this, sales of investment and vacation homes for example jumped in 2011 rising above the highest level since 2005 according to the National Association of Realtors.
For the second quarter of 2012, builder confidence in the 55+ housing market for single-family homes showed improvement compared to the same period a year ago (NAHB).
As the largest demographic, the baby boomer generation still commands attention of the manufacturers and retailers. More and more ?aging in place? trends in product development and advertising as marketers try to reach this audience.
For more information about recent news regarding Builder Confidence in the 55+ housing market, visit the?NAHB article here. You can also read more about the NAHB Remodeler Index (RMI)?here.
Barbara Schmidt, bstyle, inc., is a nationally recognized interior designer and author whose work is featured in numerous publications, social media and television.
Source: http://blog.cliqstudios.com/who-we-are-today-key-consumer-trends-in-remodeling/
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