As the housing market remains unpredictable through the foreseeable future, many homeowners remain conservative, conserving cash and unwilling to take unnecessary risk with their money. Homeowners are staying in their homes longer and updating them, longing for a return to the good old days when you could afford to buy, rennovate and sell a home quickly. It was the American Dream. These days, however, smart homeowners are focusing on improving their home’s long-term market value. This new focus will affect how homeowners choose materials and product, as well as paying attention to home maintenance and rennovation. These are important factors that everyone in the housing industry is paying attention to, at least until the market finally loosens up and home sales trend toward some degree of normalcy.
Green Homes: the Future Present
According to a panel of website experts at elocalplumbers.com, expensive remodeling projects are no longer feasible as real income has declined along with sales of existing homes, leaving homeowners searching for those home improvements that provide the greatest return on investment. Trade-offs include investing in energy-efficient environmental systems and resource conservation rather than remodeling the kitchen with granite counter tops. Home owners are looking for ways to enhance value by making just the right improvements, such as so-call “green” improvements. Green improvements may be the wisest choice as they add value in two significant ways: They add market value by reducing the cost of energy and our most precious rescource, water. Green improvements are important “must haves” for energy conscious homebuyers looking for features that differentiate homes in a lack-lustre market. If a home owner wants to sell quickly, a green, energy efficient home will sell faster than a home that hasn’t been upgraded accordingly.
While most homeowner’s are seeking to improve their quality of life during the short term, the long term goal for many continues to stay focused on improving the home’s resale value. One back-side trend for those that are willing to take risk in the housing maket, is the purchase, renovation and resale of foreclosed homes. As the housing market recovers, the homes with the greatest investment value are those purchased following foreclosure, repairing damage and improving the home’s market value. With cities like Detroit leading the way, you can expect to see a flurry of incentives for investors and homeowners willing to invest and profit by quick home rehabilitation and sale of distressed homes.
Staying Home: Comfort and Quality of Living
With a trend toward upgrading current homes rather than building new ones, homeowners are looking to improve the market value of their homes as well as enhancing comfort, appeal, and energy efficiency. But don’t rule out the importance for homeowners and families to connect themselves and their families not only to the home, but to their chosen community and lifestyle as well. For many homeowners, it’s important to distingush their familiy’s identity in our multi-cultural society while maintaining lifestyle priorities. These factors are looming large when it comes to renovating the family home. The three most important buzzwords for renovating today’s homes include comfortable, practical and functional. And, as home improvement experts have noted, although homes must reflect the uniqueness of the family, tasteless “cookie-cutter” style homes and products are no longer desirable nor fashionable.
Technology, Order and Control
As one expert put it “As lifestyles change and the economy continues to experience unprecented uncertianty, many home owners are looking for order and control in their lives and are spending more time in their living spaces”. New, so-called Smart Devices, such as Internet enabled environmental controls, security devices and appliances, will move from being add-ons to becoming fully integrated into home furnishings, entertainment and lifestyle products. Faux antiques furnishings with embedded smart technology devices that fit into the homeowner’s idea of what living at home in this new age should be like are on the horizon. Homeowners that invest in these types of items are sure to realize the largest gain when it comes time to sell their home. However long it takes for the good old days to return.