Top Reasons to Remodel

//Top Reasons to Remodel

Top Reasons to Remodel

Simple Desire for New Amenities Remains Top Reason to Remodel

According to remodelers in NAHB’s Remodeling Market Index (RMI), a simple “desire for better/newer amenities” ranked as the number one reason customers remodeled their homes in 2014, just as it did in 2013. On a scale of 1 to 5 (where 1 indicates never or almost never, and 5 is very often), the average rating on desire for newer amenities was 4.4 in 2014.

“Need to repair/replace old components” finished in second place with an average rating of 4.2. Another fairly traditional reason, “desire for more space” came in third with an average rating of 3.8; “To avoid moving or buying another home” was fourth at 3.3.

All other reasons finished with average ratings of 3.0 or lower. The average rating for aging in place was 3.0, and for energy efficiency or environmental concerns it was 2.6. Change in number of people living in the home was 2.1. Aging in place and energy efficiency are significant factors in the remodeling market, but in the overall scheme of things they are less powerful than the simple desire for new things and need to replace old things.

This question was asked in the RMI survey a couple of times before, but over that short history, the results have been quite stable. Both the ranking of the various reasons and the average ratings were quite similar in 2013 and 2014.

Other reasons were “increasing the value of the home as an investment,” which increased by two tenths of a point in 2014, and “energy efficiency/environmental concerns” which declined by a tenth of a point.

Whatever your reason is, as always, do your homework when hiring a remodeler.

By | 2016-10-17T12:04:09+00:00 May 21st, 2015|Blog|0 Comments