The chief reasons homeowners undergo a remodel are because they desire better and newer amenities or they feel compelled to repair or replace old components in their home, according to the National Association of Home Builders’ Remodeling Market Index. These two reasons have tended to drive most remodels in recent years, but other reasons are growing in popularity among homeowners.
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Notably, three reasons to remodel are on the upswing: a “desire and need for more space,” “wanting to avoid moving/buying another home,” and “desire to be able to age in place.”
“An increased desire to avoid moving to another residence could in part be a reason to higher construction costs for new homes and a low inventory of existing homes available on the market,” the NAHB notes on its blog, Eye on Housing, in reporting the survey’s findings. “The uptick in aging in place is not entirely surprising, given the ongoing growth in the nation’s older population.”
The chart below reveals homeowners’ top reasons for remodeling:
Source: “Aging in Place on the Rise as a Reason to Remodel,” National Association of Home Builders’ Eye on Housing blog (May 15, 2018)