home remodeling long island
A Rise in Home Remodeling Investment is Tied to the Aging Baby Boomer Population
A recent report put out by the Joint Center for Housing Studies at Harvard has cited home improvement projects as being at an all-time high. Analysts believe the trend is likely to continue over the coming decade, too.
While home improvements are expected to rise across all age groups, the most significant drivers of all that spending are thought to be members of the Baby Boomer generation. In fact, homeowners who are 65 years of age and older are expected to account for around a third of all expenditures by the year 2025.
Why are Baby Boomers Remodeling at Such High Rates?
The most obvious answer to this question is the preference that most homeowners have for aging in place rather than moving into assisted living facilities. The ability to maintain an independent lifestyle in their own homes often requires substantial changes to those homes' current layouts and features. As a result, over two million homeowners reported making investments in improving residential accessibility from 2014 to 2015.
Unfortunately, not all baby boomers will be able to remain in their homes as they age. As many as 12 million homes or more are expected to be put on the market by 2025, providing housing for younger buyers as well. By first investing in home remodeling long island sellers can often increase their properties' values, but the reality is that the majority of older sellers tend to spend very little on home improvements in their later years.
Designing for Younger Generations
When they purchase new homes, younger buyers often invest substantially in making upgrades to compensate for the lack of attention these properties have been getting. After performing comprehensive home renovations long island residents can wind up with homes that better meet their needs.
Analysts for Romem have compared sales data and building permits in metro areas across the country and discovered that remodeling is far more common immediately following home sales. Recent buyers typically choose to renovate within three months of buying, with nearly a third of all remodeling projects occurring within a year of purchase.
Concentration of Spending and Renovations
Areas such as the Northeast tend to have higher rates of spending on home improvements. This makes sense in both of the contexts listed above, as the homes tend to be older and feature fewer amenities for aging baby boomers who wish to continue living at home and also tend to require more maintenance when purchased by younger buyers. The influence of home equity and property values is also worth noting, as it causes spending on home improvements in major metro areas to be higher than national averages.
Get Remodeling Help
Whether readers are preparing to sell or they're interested in making improvements around their homes that will prevent them from having to, it's important that they find and hire qualified remodeling contractors. Check out Design Build Remodeling to get the search started off right.