Jan
11

Aging Homes Good for the Real Estate Market and Economy

January 11, 2013

chicago real estate aging homes

While it’s no surprise that moving into a brand new home can save you time and money, it turns out that remodeled older homes are a good option, too.

While remodeling experienced a downturn during the recession, many owners of older homes are back in the game and looking to make some changes to their residence.

According to Harvard’s Joint Center for Housing , home improvement spending will see double-digit growth in the first half of 2013. By the second quarter of next year, homeowner spending on remodeling is expected to rise from its current annual rate of $115.1 billion to $134.2 billion by the second quarter of next year.

A major cause of the increase in remodeling spending is a high demand for energy-efficient homes, as saving energy is now a top homeowner desire. Tax credits for energy-efficient improvements are also increasing remodeling as homeowners can receive a 30 percent tax credit for installation of products such as solar panels, energy-efficient windows and hot water tanks.

Since energy-efficient homes are in such high-demand, homeowners making these renovations will most likely attract more buyers. Another great benefit of remodeling is that every $10 million in remodeling expenditures creates enough economic activity to support 111 jobs.

If remodeling has been on your ‘to-do’ list for quite some time, 2013 can be the year when you make it happen!

About The Author

Jessica Thom

Read All Stories By Jessica Thom

Visit my Google+ profile.

Leave a Comment

Copyright © 2008-2017 mRELEVANCE, LLC | Chicago Real Estate News | Chicagoland Real Estate Forum. All rights reserved. Thank you for visiting Chicago Real Estate News Chicagoland Real Estate Forum, Real Estate Listings and Information Provided by MLC Realty, Inc.
Internet Marketing by Marketing RELEVANCE

Equal Housing Opportunity

1819 W Grand Ave | Chicago, IL 60622