By Melissa Dittmann Tracey
The home remodeling history has taken a hit in recent months but finally may be starting to show signs of picking up, according to the Web site www.remodelormove.com and its latest Remodeling Permit Activity Report. The report, a survey of 5,000 home owners, shows a 5 percent increase in the number of home owners who say they will likely remodel within the next 12 months–the first reported increase, even if it is slight, in remodeling plans since 2007.
Some home owners may be getting lured to the lower costs of remodeling. It’s 20 percent less to remodel than what it was in 2006, according to the Web site’s annual report, due to the economic stimulus package, cost reductions in home materials and products, and lower bids from contractors looking for business.
The survey also reported that 12 percent of respondents plan to use economical materials when they remodel, 12 percent plan to use expensive materials, and 76 percent say they’ll use standard-priced materials. Nearly 90 percent say that they are changing their remodeling plans due to the economic recession.
Overall, the number of current remodeling permits still remains down. The Remodeling Permit Activity Report shows a 20 percent decline in remodeling permits during the first quarter of 2009 compared to the same period in 2008.