Oct
01

Home Remodeling Projects On the Rise Again

October 01, 2012

chicago new home remodelingFor the first time since the recession, home remodeling projects are beginning to pick up again. According to the American Institute of Architects, home remodeling projects have increased during the past six months for the first time since 2007. The growth in remodeling applies to both the Chicago real estate market and the national market.

Yet what is interesting about the growth in remodeling projects is that this year’s popular projects are much different from those of the pre-2007 and pre-recession era. Prior to the recession, remodeling projects were all about adding luxury to a home. Now homeowners are focusing on practicality, ease and cost.

Entertainment-related projects, such as home theater installations, have been replaced by energy-efficient projects and home office conversions. Home theater systems were the most popular remodel project before the recession, but now home theater installation only accounts for 7 percent of projects. Special-function rooms continue to be a popular addition, with offices and outdoor living environments accounting for 57 percent of these additions. Many homeowners are also installing wireless communication systems, as working from home becomes a larger trend.

During the next few months, the trend towards more practical and energy-efficient remodeling projects is expected to continue. Do you plan on remodeling any aspect of your home?

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Jessica Thom

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