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 six 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. “The recession has really hit homeowners so, they had to start thinking outside of the box”, says Lesa Dresher, Executive Director.
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. “When selling your home was a likely option, resale value meant a lot.” Now that folks are staying in their homes, remodel jobs are more focused on the homeowners personal interests,” Bob Didier, Project Manager at Irwin Contracting, in Hauppauge, NY, and President of NARI NYC LI, says.
But that is simply not the case anymore. Personalizing your home is the most important thing that a homeowner can do to make them have that “homey” feeling.
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, helicopter pads, 3-D murals, sewing rooms and meditation rooms.
Barbara Farley, kitchen designer for Triangle Building Products cautions homeowners, though, that it’s important the customizations make sense to their lifestyle. “You do not want to remodel your home with a trendy feature unless it makes sense to your lifestyle.”
The entire poll results are as follows: 13 percent responded they had not planned to stay longer in their homes, 28 percent planned to stay one to five years longer, 23 percent planned to stay six to 10 years, 10 percent planned to stay 11 to 15 years longer and 26 percent planned to stay 16 to 20 years longer.
NARI is the source for homeowners seeking to hire a professional remodeling contractor because members are full-time, dedicated remodelers who follow a strict code of ethics that observes high standards of honesty, integrity and responsibility.
New York City/Long Island NARI is part of 60 chapters that comprise the nation's only not-for-profit trade association dedicated to the advancement of the remodeling industry. NARI is committed to enhancing the professionalism of contractors, manufacturers and remodeling industry-related businesses. For more information about NYC/LI NARI please call 631-673-NARI (6274) or visit our website at www.nari-ny.org.