According to the National Association of Home Builders, rehabbing and remodeling existing single family homes accounts for more than 40% of the home construction industry by dollar volume in 2007. Driving this market are the average age and size of existing housing. The average age is 33 years, so beyond maintenance, people want to upgrade kitchens, bathrooms, etc. The trend is also to have bigger homes, so people are adding and expanding rooms. Modifying and upgrading a home usually pays off if the changes are what the market wants, so it’s a good idea to speak with a local realtor first to find out what the trends are. If you plan on remodeling or purchasing a home to rehab, check out the contractor. Make sure they are licensed and bonded—and get references!

This entry was posted on Monday, August 6th, 2007 at 3:57 am and is filed under Investing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.