Columbia SC Home Renovations: Spending Exceeds Construction Value
Columbia SC home renovations, in general, now exceed the dollar value of expenditures on newly constructed single family homes.
This trend is not only in Columbia SC, according to federal estimates, but it is having a profound effect on real estate markets all across the country.
Housing Scenarios
Maybe you can say you fit one of these scenarios.
- You’ve been reluctant to sell because you don’t think you can get what your house is worth…
- Buying a home seems out of reach because it’s so difficult to qualify for a mortgage…
- You’ve decided it may be smarter to improve the house you already own and just stay put for a while…
The National Association of Home Builders’ remodeling market index recently hit its highest level in five years, which only underscores this home remodeling trend.
Many Columbia SC home renovations companies are seeing a significant jump in interest in renovating, especially from owners who have been in their houses for years, have built up some savings and managed to get through the recession without falling behind on their mortgages.
Columbia SC Home Renovations No Longer About McMansions
Columbia SC home renovations are generally the projects where people are no longer thinking along the grand, McMansion show-off scale; they’re smaller, more modest, less costly efforts than five to seven years ago, with more emphasis on finishing details and quality than square footage.
Many of the Columbia SC home renovations being made are not ones where the owner worries about immediate paybacks from their improvements. Most owners understand that the boom-time expectations of 100 percent immediate returns on their investment are gone.
Most people are happy with modest returns, which is right in line with what’s happening overall in the Columbia SC real estate market: a slow, modest recovery, spurred by modest and realistic expectations about where we’re headed and how fast we’ll get there.