Kris Hudson wrote an interesting piece in the Wall Street Journal this week, hi-lighting the increase in remodeling spending. In fact homeowners doled out an astounding $130 billion in 2013 for renovations.
While remodeling is on the upswing, new home construction is softening a bit. As Hudson points out, “Rising spending on remodeling is in contrast to recent signs of slowing in new-home construction activity, indicating that a growing number of consumers have decided that upgrading their home might be a better investment than buying a new one.”
This week two trade shows geared at the remodeling and home building market kick off in Las Vegas: the International Builder Show and the Kitchen and Bath Industry Show. The combined attendance is expected to exceed 80,000, the highest since 2008.
Of course the first room folks look to renovate, and the room that most significantly influences resale value, is the kitchen. But as you start to think about the possibility, do yourself a favor and live in the moment. Ask yourself what changes you would like to create your dream kitchen. Stay faithful to that dream and the economics will follow.
Laura Naughton
Columbia Cabinets