Though the U.S. Economy is struggling to rebound from the Great Recession, home improvement spending is certainly on the upswing. Americans are set to spend an incredible $321 billion on home remodeling projects. Whether you are looking to boost your home’s comfort and value with a renovation, Marrokal will get it done right.
Why are so Many Homeowners Investing in Home Renovations?
Harvard’s Joint Center for Housing reports home improvement and repair projects will grow by a whopping 8 percent as we head into the first quarter of 2017. This growth rate represents nearly a five percent increase over the historical average. Though the national economy hasn’t exactly bounced all the way back, it is clear that the country’s remodeling market is on its way to a full recovery.
Part of the reason why homeowners are no longer hesitant to invest in home renovations is the fact that mortgage rates have dipped to near-record lows. Homeowners are tempted to refinance, pull out their cash and invest it in home improvement projects. Black Knight Financial Services reports that homeowners enjoyed an aggregate increase of $260 billion in extra home equity in the first quarter of 2016 alone. There is little concern about the prospect of a new housing bubble as nearly 40 million borrowers have a minimum of 20 percent equity in their homes.
Considering the state of the economy, it makes sense to spend on home renovations now. More and more homeowners will continue to refinance their through the end of the year and wisely invest in Marrokal home improvements.
Nesting is a Legitimate Form of Investing
Reinvesting in your home is almost always a good idea. The addition of a new outdoor living space or updating a room will only add to the value and enjoyment of your home. Keep in mind that you will receive a lot of the home renovation’s cost back when the time eventually comes to sell your home. Unlike other forms of investing, you won’t run the risk of losing everything and getting nothing back in return. This is the type of investment that will provide a tidy return that manifests when you decide to upgrade to another property. Your home improvement still provides you with years of enjoyment in the meantime.
Marrokal’s home renovations are affordable, low-risk investments that will likely yield a considerable return. You have little to lose and plenty to gain with a home improvement project.