During the real estate boom, many homeowners renovated their rooms and spaces to boost their investment in their home: they sought and (often) gained a high return on investment (ROI) for their remodeling dollars spent. Nowadays, homeowners are seeking ROI’s that support their “comfort” or a room’s “functionality,” rather than a bottom line bump at the time of resale.
A shift towards seeking these new ROI’s has likely come about from the downturn in the economy and the fallout in the housing market, but they’ve also emerged from other changing needs and, perhaps, a reassessment of priorities.
As the population ages, more people are investing in their homes to make them safer and more functional for the current residents and for visitors of all ages. Additionally, a desire for greater storage can be a catalyst for renovations that support this growing need. And, many families’ desire or need to merge households in order to accommodate aging parents, grown children, changes in marital status or modern living arrangements, remodel to make existing spaces more useful and accommodating.
On the topic of reassessing priorities, we’ve worked with homeowners who’ve made conscious choices to build family rooms, decks and other spaces that encourage and allow for more enjoyable family time. No doubt the economy has played a part in the rearrangement of priorities, yet we also feel the reliance on cell phones, email, texting and Facebook has prompted a desire for true face-to-face exchanges.
Whatever your desired ROI’s are in remodeling, we look forward to answering your questions about creating a more beautiful, comfortable and functional home.