Economic optimism may lead to home renovation
Fortunately for all of us in the Houston area, the economy is doing better than it has in years.
Latest economic news reports that unemployment is down to the lowest point it has been in the last five years. This is partly the result of more jobs being created, not people simply giving up and dropping out of the workforce. Economists have tied the economic recovery to the sustained growth in the housing market, citing the housing market as one of the main drivers of the economic recovery.
The good news is that these improvements are real as opposed to the artificial bubble fueled by the investment industry a few years ago.
What does this mean for you? Depending on where you are in the homeownership cycle, it may mean something different for each of you. For pre-homeowners, it offers a sense of promise that home ownership can be a reality. For homeowners with the need to expand or upgrade, this may signal the time to sell and move on to a larger home, or it may be the time to create that extension you have been hoping for. For those with changing needs due to maturing children, it offers opportunities for downsizing or converting a larger home to accommodate returning young adults. Whether you fit one of the three categories mentioned above or are somewhere in between, you can be optimistic that there are and will continue to be opportunities to enhance your home and lifestyle.
Many of the scenarios above may lead to remodeling or renovating your home. Whether you buy for the first time or move up to a larger house, it is often the case that the new house will need enhancements to fully satisfy the changing needs of you and your family. For those of you who choose to remain in your existing home, there are many options including extensions, room additions or reconfigurations of the space within the house. It is never too soon to start to build in universal design or “aging in place” options that will allow you to continue to stay in your home for the foreseeable future.
With the improvements in the economy you can now be more confident that your investments will pay off. They will pay off by giving you what you need and want for the immediate future, and they will pay off when the time comes to sell.
A member of the Remodelers Council of the Greater Houston Builders Association provided this article. The Remodelers Council is dedicated to promoting professionalism and public awareness of the remodeling profession through education, certification and service to the Houston-area community. To join the Remodelers Council, please call 281-970-8970. To find a professional remodeler in your area, visit www.ghba.org.