BuildFax monitors remodeling activity and releases their periodic BFRI, BuildFax Remodeling Index. The September 2011 BFRI shows that remodeling activity reached a record high that month. The report also gives the type of projects most popular over the last five years. The September 2011 BFRI showed the highest level of remodel activity since the inception of the Index in 2004.
Since 2006, here are the top eight types of remodel projects:
The Index rose 34% year-over-year and for the 23d straight month to 141.4 in September. Much of this activity is attributed to historic low interest rates that have encouraged homeowners to refinance and to invest in their properties. While roof replacement is the most common and more of a repair than an improvement, the other projects at the top of the list all improve the livability of the home and may enhance resale as well.
The BFRI is the only source directly reporting residential remodeling activity, and uses information from building permit activity. The report also breaks out remodeling activity over four major regions:
• West – reported month over month gains in September
• Midwest – also reported monthly gain
• Northeast – saw a decline in September
• South – also saw a decline for the month
Real estate investors may find this type of information helpful in property selection and also in the type of improvements they may decide to make. Remodel projects of value to current homeowners are likely to be important to buyers in the future.
BuildFax monitors remodeling activity and releases their periodic BFRI, BuildFax Remodeling Index. The September 2011 BFRI shows that remodeling activity reached a record high that month. The report also gives the type of projects most popular over the last five years. The September 2011 BFRI showed the highest level of remodel activity since the inception of the Index in 2004.
Since 2006, here are the top eight types of remodel projects:
• Roof 21.4%
• Deck 7.9%
• Bathroom 6.9%
• Garage 6.1%
• Kitchen 4.8%
• Basement 2.9%
• Office 1.7%
• Sunroom 0.7%
The Index rose 34% year-over-year and for the 23d straight month to 141.4 in September. Much of this activity is attributed to historic low interest rates that have encouraged homeowners to refinance and to invest in their properties. While roof replacement is the most common and more of a repair than an improvement, the other projects at the top of the list all improve the livability of the home and may enhance resale as well.
The BFRI is the only source directly reporting residential remodeling activity, and uses information from building permit activity. The report also breaks out remodeling activity over four major regions:
• West – reported month over month gains in September
• Midwest – also reported monthly gain
• Northeast – saw a decline in September
• South – also saw a decline for the month
Real estate investors may find this type of information helpful in property selection and also in the type of improvements they may decide to make. Remodel projects of value to current homeowners are likely to be important to buyers in the future.