While the residential real estate market is cooling and demand for energy is heating up, homeowners are investing in remodeling projects to increase the market value of their homes.
Sep 15, 2006
In fact, Americans spent an estimated $215 billion on home remodeling projects in 2005, according to the National Association of Home Builders. Industry experts anticipate this figure will grow to a record $238 billion this year.
"The feverish pace of our real estate market is tapering to a more manageable pace, but the recent home buying spree seems to have created high demand in the remodeling sector. Once people move into a new house, they're ready to renovate," says Peter Dachowski, President and CEO of CertainTeed Corporation, one of North America's leading manufacturers of building products.
According to Dachowski, market-smart homeowners are focusing on two large real estate issues: curb appeal and energy efficiency.
Cutting-Edge Curb Appeal
In today's competitive real estate market, curb appeal is among the most important challenges home sellers face. Smart facelifts create long-lasting, low-maintenance exteriors that have classic appeal. While re-siding or re-roofing projects can be among the more expensive home improvements next to kitchen and bath remodels, they can pay dividends in curb appeal and improve a home's energy efficiency when installed properly.
CertainTeed offers a Web-based service called Picture My Home Makeover™ that allows homeowners to visualize how their homes will look with various styles and colors of CertainTeed siding and roofing. Homeowners can go to www.certainteedpicturemyhome.com for a virtual home makeover that will help ensure they make the best decisions on roofing and siding.
For quick-fix home improvements that will look good for years to come, many homeowners replace wood railings with weather-resistant composite or vinyl railing products or conceal worn porch posts with vinyl porch post wraps to give drab outdoor spaces a refreshed look.
Energy-Wise Home Improvements
Heating and cooling comprises 50 to 70 percent of overall energy costs for the average homeowner. Adding appropriate amounts of fiber glass insulation is one relatively affordable way to help manage these expenses. Homeowners in the market for more energy efficient windows can also look for ENERGY STAR-rated vinyl windows with R- and U-values appropriate to their regions. And, new technologies allow homeowners to customize their windows to create the look of beveled glass at a more affordable price.
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