HousingWireHousingWire
Members of the U.S. home remodeling industry report that while market conditions are stalling larger-scale remodeling projects, consumers seeking remodeling work are focused on efforts that could serve to increase home values and to “future-proof” homes for later life and aging in place.
This is according to a report at Kitchen & Bath Design News, based on “a quarterly gauge of market conditions” compiled by one of the outlet’s sister publications.
“Elevated materials, labor and borrowing costs, along with lingering economic uncertainty, continue to constrain large-scale remodeling projects, with ‘cautious’ homeowners focusing on essential repairs and targeted upgrades rather than large discretionary remodels,” the report said.
But taking a longer-term look at a home’s suitability to accommodate natural challenges that emerge later in life is also taking hold among homeowners seeking to start renovation projects, the report said.
“For homeowners remaining in place rather than purchasing new homes, ‘remodeling has become a strategic decision to enhance the functionality and value of their homes,’” the cited market report. “Remodelers report rising interest in ‘future-proofing’ homes through energy-efficient improvements, accessibility upgrades such as aging-in-place designs, and other projects that balance immediate needs with long-term benefits.
Those in the renovation industry expect a recovery of the business over time, with easing inflation and a potential reduction in interest rates cited by the report as some of the reasons why. The Federal Reserve is poised to make a decision on where interest rates will go at its next meeting later this week.
A Kiplinger report late last year said that homebuilders were poised to benefit from rising interest in aging in place, citing the high price of nursing home care and broader interest among homebuyers — young and old — for a home they’ll be able to remain in for the rest of their lives.
“More Realtors are reporting younger clients who say they want a ’feet-first house,’ a place where they can live for the rest of their lives,” the report explained. “One example of thinking ahead: Some builders are stacking closets on upper and lower floors, to create the space for a future elevator, if one is needed. Builders and contractors that are interested can be certified as an Aging in Place Specialist by the National Association of Home Builders (NAHB).”
