{"id":3704,"date":"2017-04-21T00:00:00","date_gmt":"2017-04-21T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/more-homeowners-tackle-renovation-projects\/"},"modified":"2017-04-21T00:00:00","modified_gmt":"2017-04-21T00:00:00","slug":"more-homeowners-tackle-renovation-projects","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/more-homeowners-tackle-renovation-projects\/","title":{"rendered":"More Homeowners Tackle Renovation Projects"},"content":{"rendered":"

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Homeowners are sprucing up their properties and undertaking more remodeling and repair projects, according to a recent study.<\/p>\n

The Leading Indicator of Remodeling Activity, released by the Joint Center for Housing<\/a> Studies at Harvard University, shows an annual growth in home improvement and repair expenditure this year that will remain above its long-term trend of 5 percent. Index authors, however, foresee a steady decline from 7.3 percent in the first quarter to 6.1 percent by the first quarter of 2018.<\/p>\n

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Read more<\/strong>: Building Code, Permit Issues That Derail Deals<\/span><\/p>\n<\/blockquote>\n

\u201cHomeowners are continuing to spend more on improvements as house prices strengthen in most parts of the country,\u201d says Chris Herbert, managing director of the Joint Center for Housing Studies. \u201cYet, recent slowdowns in home sales activity and remodeling permitting suggests improvement spending gains will lose some steam over the course of the year.\u201d<\/p>\n

The National Association of Home Builders\u2019 Remodeling Market Index\u00a0also showed an increase in the first quarter of 2017, marking the highest reading in activity since 2015. The NAHB\u2019s index shows that more remodelers are reporting that activity is higher now compared to the prior quarter. “A milder than usual winter has led to increased remodeling activity and a positive outlook for spring,” says Dan Bawden, the chairman of NAHB Remodelers. “Remodelers are seeing stronger market conditions with customers more willing to spend money on both small and large projects.”<\/p>\n

Demand for major additions and alterations as well as for smaller remodeling projects and home maintenance and repair component all showed an uptick in the latest NAHB remodeling index reading.<\/p>\n

Still, similar to the Joint Center for Housing Studies, NAHB remodelers are warning of a potential slowdown on the horizon as well.<\/p>\n

\u201cRemodelers will face challenges meeting the demand as the labor shortage continues and costs for materials, such as lumber, are rising,\u201d says NAHB Chief Economist Robert Dietz.<\/p>\n

\u2014<\/span>Melissa Dittmann Tracey, REALTOR\u00ae Magazine<\/em><\/p>\n<\/div>\n<\/div>\n

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Homeowners are sprucing up their properties and undertaking more remodeling and repair projects, according to a … More Homeowners Tackle Renovation Projects<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3705,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[12908,543,215,248,3051,627,617,15272,1007,41,818],"class_list":["post-3704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homeowner","tag-homeowners","tag-house","tag-outlook","tag-owners","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/_8niLem4f7E","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6744,"url":"https:\/\/amazingproperty.com.ng\/blog\/remodeling-activity-to-spike-through-2018\/","url_meta":{"origin":3704,"position":0},"title":"Remodeling Activity to Spike Through 2018","author":"Amazing Property","date":"October 23, 2017","format":false,"excerpt":"As homeowners gain more equity, they are expected to continue heavily investing in home improvement projects and repairs through the third quarter of 2018, according to the latest Leading Indicator of Remodeling Activity report released by the Joint Center for Housing Studies of Harvard University. The LIRA index projects annual\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"2017 Remodeling Impact Infographic 09 28 2017 1300w 2932h.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/2017-remodeling-impact-infographic-09-28-2017-1300w-2932h.jpg?fit=532%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/2017-remodeling-impact-infographic-09-28-2017-1300w-2932h.jpg?fit=532%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/2017-remodeling-impact-infographic-09-28-2017-1300w-2932h.jpg?fit=532%2C1200&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4574,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-top-remodeling-motivators\/","url_meta":{"origin":3704,"position":1},"title":"The Top Remodeling Motivators","author":"Amazing Property","date":"May 15, 2017","format":false,"excerpt":"[ad_1] Homeowners say their top motivation for remodeling is simply because they \u201cdesire better\/newer amenities,\u201d according to the National Association of Home Builders\u2019 Remodeling Market Index for the first quarter of 2017. The desire for better amenities narrowly beat out the \u201cneed to repair\/replace old components\u201d once again in this\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/NAHB%20chart_remodeling.png?fit=708%2C632&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/NAHB%20chart_remodeling.png?fit=708%2C632&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/NAHB%20chart_remodeling.png?fit=708%2C632&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/NAHB%20chart_remodeling.png?fit=708%2C632&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":4460,"url":"https:\/\/amazingproperty.com.ng\/blog\/17-most-popular-remodeling-projects\/","url_meta":{"origin":3704,"position":2},"title":"17 Most Popular Remodeling Projects","author":"Amazing Property","date":"May 8, 2017","format":false,"excerpt":"Kitchen upgrades have overtaken bathroom updates as the remodeling project homeowners want most, according to the National Association of Home Builders' Remodeling Market Index report covering the first quarter of 2017. Bathroom renovations previously held the number one spot, but kitchen redos barely pulled ahead in the most recent report.\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5382,"url":"https:\/\/amazingproperty.com.ng\/blog\/owners-tackle-more-remodels-as-equity-rises\/","url_meta":{"origin":3704,"position":3},"title":"Owners Tackle More Remodels as Equity Rises","author":"Amazing Property","date":"July 20, 2017","format":false,"excerpt":"Spending on repairs and home improvement\u00a0continues to grow at a stable rate as homeowners feel more confident\u00a0about starting projects as their home values increase.\u00a0 That said, an annual increase in remodeling expenditures may soften somewhat in the coming months, but will likely remain at or above 6 percent through the\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/LIRA%20chart.png?fit=1067%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/LIRA%20chart.png?fit=1067%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/LIRA%20chart.png?fit=1067%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/LIRA%20chart.png?fit=1067%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/LIRA%20chart.png?fit=1067%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":4095,"url":"https:\/\/amazingproperty.com.ng\/blog\/aging-owners-tackle-house-projects-to-stay-put\/","url_meta":{"origin":3704,"position":4},"title":"Aging Owners Tackle House Projects to Stay Put","author":"Amazing Property","date":"May 2, 2017","format":false,"excerpt":"Aging homeowners say they want to remain in their homes as they get older, and they\u2019re increasingly taking on remodeling projects to help them do that. The past five years have seen a spike in the number of remodelers who say they\u2019ve done aging-in-place house modifications as awareness for this\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6439,"url":"https:\/\/amazingproperty.com.ng\/blog\/kitchen-remodels-offer-big-paybacks-at-resale\/","url_meta":{"origin":3704,"position":5},"title":"Kitchen Remodels Offer Big Paybacks at Resale","author":"Amazing Property","date":"September 28, 2017","format":false,"excerpt":"Homeowners looking for a remodeling project may be smart to tackle a kitchen renovation\u2014that is, if they\u2019re looking for projects with the strongest buyer appeal and high returns on their investment at resale. 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