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HOMEOWNERS DIP INTO THE REMODELING WATERS

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Wed, Mar 23, 2011 at 9:52AM

Now the recession is behind us, homeowners are spending money on their properties again.

Contractors said that clients are willing to spend again, but cautiously.  "Clients have been procrastinating for nearly three years now," states Joe Tighe of Complete Roofing Systems.

Previously in the more difficult times, homeowners were more likely to patch and repair roofs instead of replacing their roofs. "The general mood I get from clients is that they are ready and able to spend money again", Tighe Said.

Spending on remodeling is expected to rise 4 percent to 6 percent this year, as long as the job market and economy continue to recover.  According to the Joint Center for Housing Studies at Harvard, they feel we are in a better place now then we were a year ago.  As long as the economy continues to improve, homeowners will have more confidence and be more willing to use their savings to make improvements that they have put off for two to three years.  Another improvement is the tax credits for energy-efficient improvements will help sustain the market. Buyers who are purchasing foreclosed properties will have to spend significant amounts on home improvements due to many of the properties are typically neglected in terms of maintenance .   One thing is clear even though the consumer confidence is heightened, homeowners still continue to watch their budgets.  "Everybody's looking for a better deal," says Gary Townsend of The Kitchen Guy.  We are seeing a nice improvement and steady interest in our industry.

 


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