If resale value is important to you, consider the desires of the two largest generations in our economy today – the Baby Boomers and the Millennials.
You may be looking to enhance your home through remodeling rather than buying a new home. If you were to sell your home, the competition would be new construction. According to the 2017 Dodge Construction Outlook, total construction starts are expected to increase 5% in 2017 and will reach $713 billion.
But, who is buying homes today? An important aspect of the report is the reference to the generational impact on the industry. The press release covering the report goes on to say:
Single family housing will rise 12% in dollars, corresponding to a 9% increase in units to 795,000 (Dodge basis). Access to home mortgage loans is improving, and some of the caution exercised by potential homebuyers will ease with continued employment growth and low mortgage rates. Older members of the Millennial generation are now moving into the 30 to 35 year-old age bracket, which should begin to lift demand for single family housing.
As the Millennials are getting older and the economy is getting stronger, they are looking to buy their first home or upgrade to their second, more permanent, home. Consider these young first home buyers when renovating your home if resale value is important to you. Choosing renovation projects must be done carefully to maximize the return on the money you spend. So, look at your home through the eyes of these millennials and then put your time and money into adding value important to this very important demographic.
Baby Boomer Desires
The other large generation in the United States today is the Baby Boomers. In a Construction Drive post called “10 construction industry trends to watch in 2016” the 5th trend mentioned how important the environment is to the Baby Boomers.
He pointed to the aging in place movement as a driving force for that demand, as baby boomers are remodeling their current homes and seeking out ways to increase energy efficiency and reduce utility bills.
Both generations are looking for high quality and sustainability in their homes. Both are looking to stay in their next home a very long time. When they are looking for their next home, these issues are important.
Green building will grow in residential sectors
Commercial construction has typically led the pack in green-building adoption, but the residential sector is starting to catch up. This is due to the desires of both the Baby Boomer and Millennial generations. The growing trend is driven not just by a desire to produce environmentally friendly structures, but by consumer demand, higher-quality results and life cycle cost savings.
Responsible construction is considering environmental impacts and sustainability in the design of your remodeling projects. This may be as simple as installing water saving shower heads. Or using Daylighting design as part of LEED considerations to reduce the need for electric lighting. The LEED is a certification system created by the U.S. Green Building Council (USGBC). The LEED guidelines are excellent for anyone looking to add value to their home, save money on energy costs and be active in protecting the environment.
Consult a professional construction company to discuss your home remodeling design. Home remodeling professionals understand the needs and desires of the home buyer, as well as, how to develop the plans for optimal results.
At Veri Construction, we have our own showroom. We are able to show you customized options specific to your situation. We work with clients and subcontractors, while utilizing state of the art 3-D computer generating drawings along with architectural plans for successful project delivery. We can help you get on your way to a newly renovated home.