036. will there be more remodeling in our future?

Wall Street Journal: The New Rules of Remodeling

I discuss an article released in the wall street journal last week titled “the new rules of remodelling”.

Hello and welcome everybody to another episode of the Reside Daily Bite; I’m your host, David Doucette. Today, I’m going to talk about an article that came out from Wall Street Journal last week called “The New Rules of Remodeling“. And, they talked about a study that was done by the Joint Center for Housing Studies at Harvard University and they’re expecting remodeling to actually accelerate this year.

It’s interesting because I wouldn’t agree with that, from my architectural perspective, because people are realizing that they can’t just now go and buy that bigger home or buy that other home or trade up. They’re realizing that they’re going to be in their home that they own now for quite a while.

And they’re saying, “The opposite is happening: Many people who bought during the boom years are expecting the reality that they won’t soon be able to swap up…In short, they’re stuck”. So, I think we’re going to see smaller remodels. We’re going to see kitchen renovations but not the hundred thousand dollar blow out kitchen renovations as the article mentioned. But people might spend $50,000 and you can do a nice kitchen renovation and possibly take out a wall between a kitchen and a dining room to really open that room up. People are going to be converting…looking for space to maybe make a home office.

So, the articles was released on April 24th -it is somewhat of a lengthy article; lots of statistics – called “The News Rules of Remodeling”.

I think that’s about all I have to say today, I know there’s something I’m forgetting that I wanted to say but I’m trying to do these on one take. If I think of it after we’re done, I’ll include it in tomorrow’s daily bite.

If you have any questions or comments, 1-800-476-5579 or feedback@residerealestate.com. My name is David Doucette, thank you so much for checking out the Reside Daily Bite.

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