A good time for reno loans? Remodeling projects on the rise

by Ryan Smith03 May 2016
Now might be a good time for producers to get the word out about renovation loans. Remodels and additions are gaining traction in the housing market, according to a new survey from the National Association of Home Builders.

The survey, released Monday by NAHB Remodelers, found that many types of small-scale and whole-house remodels are reaching levels unseen in years.

“While bathroom and kitchen remodels remain the most common renovations, basements, whole house remodels and both large and small scale additions are returning to levels not seen since prior to the downturn,” said 2016 NAHB Remodelers Chair Tim Shigley. “Clients want to add more space, but remodeling a significant portion of the home is no easy feat. That’s why it is important to work with a professional remodeler who has the integrity and expertise to take on these large remodeling jobs.”

Remodelers reported that several projects are more common now than in 2013:
  • Whole house remodels are up by 10%
  • Room additions increased by 12%
  • Finished basements saw an 8% increase
  • Bathroom additions are up by 7%
Bathrooms remained the most common remodeling projects, according to the NAHB, with 81% of remodelers reporting that bathroom remodels were a frequent job for their company.

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