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Home renovations recover but "flipping" is no longer the motive

2:03 PM, Feb 11, 2013   |    comments
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(NBCNC) - A surge in home remodeling is underway, with a post-recession twist.


For the year that began last October, the National Homebuilders Association predicts a 20-percent increase in spending on remodeling, but unlike remodeling during the housing boom when owners were remodeling then flipping homes for profit, this time it's different.


Kelli Grant at MarketWatch says the motive behind makeovers these days is not to sell, but to stay in the home.


"Their home is definitely their castle and people are really just looking with an eye towards 
living in it rather than selling it," she says.


Grant says the way remodelings are planned and paid for has also changed.


"If i want to get a new kitchen I'm not trying to do that all at once," she explains.  


More homeowners are also paying for the upgrades with cash instead of credit. 


Social media sites like Pinterest are where many are getting remodeling ideas, then hiring contractors who need the work.


"We are still in a market where the contractors still don't have quite enough to do," Grant says.  "You have that ability to haggle and to negotiate and really shop around to make sure that you're getting a good deal"


Grant advises you to keep energy efficiency in mind when remodeling because there are still tax credits available for doing so.

NBCNC

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