Last quarter's Remodeling Market Index revealed an ongoing trend in the top reasons for remodeling. A 'desire for new or better amenities,' 'need to repair/replace old components,' and 'desire/need for more space,' were once again the top three reasons.
Since first asking remodelers the top reasons their clients remodel their homes, the NAHB has found a consistent trend in these top reason. A 'desire for new or better amenities' saw a .3 point increase in the average score on a 1 to 5 scale, with 5 being the highest. However, the 'need to repair/replace old components' has remained more consistent with only a .1 point increase.
Other reasons have seen a significant incline though, including the 'desire to age in place' and 'wanting to increase the value of their home.' The average scores for the 'desire to age in place' and 'wanting to increase the value of their home' have risen .3 points in the last four years from 2.8 to 3.1 and 2.6 to 2.9, respectively.
However, 'energy efficiency or environmental concerns' has been on the decline. This reason was first ranked at 2.7 in 2012, but has slipped to 2.4 in 2016.