NARI Madison: Homeowners personalize their homes rather than move
FOR IMMEDIATE RELEASE
CONTACT: Kathy Raab, CAE
Executive Director, NARI of Madison
NARI of Madison reveals new trend during National Home Improvement Month.
Madison, Wisconsin, May 15, 2012—In honor of National Home Improvement Month this May, the Madison chapter of the National Association of the Remodeling Industry (NARI) reveals that homeowners are personalizing their space during a remodel as the tough housing market forces more people to stay, rather than move.
According to a poll on NARI.org, 26 percent of respondents are planning to stay an additional 16 to 20 years in their homes because their home values have decreased during the recession. Twenty-three percent reported they are going to stay an additional 6 to 10 years in their homes.
The U.S. Census Bureau reports combined existing and new single family home sales decreased 5 percent in 2010. “It is evident that many homeowners have decided to adapt their current home to accommodate either a change in lifestyle, quantity of family members living in the home or to make their individual lifestyle more pleasant. For many reasons in the real estate marketplace, homeowners today choose to stay in their existing home and make changes and improvements to improve their living conditions. This has been a very positive influence on our local remodeling industry. Whether it is normal maintenance like windows, roofing or siding, or lifestyle improvements by the remodeling of the long awaited kitchen or master bath suite, remodeling is a great choice for today’s homeowner. Or others might opt for improved landscaping to make better use of their outdoor environment. Homeowners are making adjustments to their existing homes instead of choosing to move to another location to get the amenities they desire. These decisions can be a very smart choice for the local families trying to stay in step with their ever changing family situations, and yet stay within the neighborhood in which they have become a part.” says Allen Curran, Senior Designer, Bella Domicile, Inc. and president of NARI of Madison.
This in turn, has sparked a new remodeling trend that centers on making homes better reflect individual lifestyles and tastes as people decide to live in them longer. As more people choose to stay in their current homes, changing living space to reflect personal interests is gaining popularity.
And this trend stretches far beyond flashy paint colors and finishes. Homeowners are opting for spas with exercise pools, caterer kitchens, art rooms, yoga studios, motorcycle garages, dog spas, wine cellars and tasting rooms, 3-D murals, sewing rooms and meditation rooms.
NARI cautions homeowners, though, that it’s important the customizations make sense to their lifestyle. Maximize your investment by carefully planning your remodel before beginning the project. The design should be functional but still reflect your personal style.