Home Improvement Trends for 2007

Categories : Gambling

Home improvement is the repair, maintenance or enhancement of residential real property. This can include interior or exterior remodeling, room additions and landscaping. It can also refer to the construction of structures attached to the residential property such as decks, patios and fences.

A few key factors are driving the surge in home improvement spending: higher housing prices that increase homeowners’ equity, rock-bottom interest rates and a growing population of older Americans who have more financial means to pay for renovations. Newly built homes are especially popular, as are projects to add more living space. “Extra bedrooms and bathrooms are always popular additions,” Anderson says. “And a master suite complete with a bathroom and walk-in closet is a great way to add value and convenience for families.”

Many of the projects surging this year are outside jobs. The categories that saw the greatest spikes in activity from March through July were deck construction, which was up 275%, and hiring landscapers to build fences, up 218%. Anderson speculates that these projects are being spurred by the desire to make outdoor spaces more functional and attractive.

Not all home improvements will recoup their costs, however. If you’re considering making any changes that will affect resale value, consult a real estate professional about what improvements might give you the best return. Also, remember that if you renovate your house and significantly raise its value, you might need to change your home insurance policy.