In real estate, nesting is the new flipping. Many homeowners are deciding to stay put and invest in properties they already have. My sister and her husband had talked about moving to a newer home than the one they own in Lake Worth, Florida. Instead, they had the house painted, and added new carpeting and kitchen flooring.
A bigger share of the home construction dollar -- 20% more during the first three quarters of 2009 compared with the same period last year -- now goes to home improvements. If people like their houses, schools and neighborhoods, but just need more space, it might make sense to stay put and remodel.
An added incentive spurring remodeling is the $1,500 federal tax credit for home improvements that raise energy efficiency. Jobs involving replacement windows and doors, heating and air conditioning systems, new roofs and adding insulation all can qualify.
Nester-remodeling might be even stronger if home improvement loans were easier to come by. Perhaps because of that, more people are remodeling their homes in phases.
As I've mentioned in earlier posts, I have trusted referrals for all kinds of home repairs and remodeling if you need them.
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