Homeowners not afraid to splurge for remodels
RenovationHouse projects increase as many decide to get creative
TIM FALL
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Published: June 6, 2009
Inventory stack-ups in new and used homes are causing sweat beads on the foreheads of many Realtors, builders and sellers, even in Oklahoma’s relatively chipper housing market.
In one sector, though, things are looking decidedly up: Renovations and remodels. Slow home sales that have driven many would-be sellers to frustration have ignited the creative spark in others. New windows, doors, patios and decks — even redrawing the floor plan just a touch — might be just the ticket for offsetting the old-home blues.
The little things
Boral Brick, a supplier of bricks and other building materials and services, has been computing orders for smaller renovation projects at a promising rate in 2009.
"Our renovation side is way up,” said Ben Griswold, sales manager at Boral Brick, 2912 W Hefner Road. "Especially for outdoor projects, we’re up 20, 25 percent this year.”
Matt Durrett, sales manager at Four Seasons Sunrooms, 7701 Broadway Extension, told the story of a customer who placed his home on the market for more than a year without a bite. He decided to pull the listing and put money into what Durrett called "the kinds of improvements that historically offer a good return when a house finally does sell.”
Durrett reported that Four Seasons’ new-construction orders are slower than a year ago, but that much of that slack has been taken up by customers who are taking a second look at their current home and renovating.
"We’ve seen a focus on those little things that make a big difference to buyers — like windows, doors and storm doors,” Durrett said. "Our clients are taking this time to sit down with us and talk about a particular room, how they would like to use that room, and what changes we can make.
"We come up with a plan that really works.”
And when the project is completed, suddenly the old place looks new again. Durrett said customers have been "just thrilled” with their renovations.
‘Start of a recovery’
Renovators said the most popular changes have been the addition of window screens, screen doors, patio enclosures and light construction.
"There really is a trend out there for updating an existing home,” Griswold said. Durrett agreed: "Bumping out a room by a few feet can make a huge change to how you see your whole house.”
Nationwide, the residential remodeling market showed signs of improvement during the first quarter, according to the National Association of Home Builders.
The association reported an upward trend in most areas of renovation, with members reporting an increased backlog of remodeling jobs, an increase in the number of calls they receive for bids, and an increase in the amount of committed work for the coming quarter.
"Remodelers say things are looking up from the doldrums of the fourth quarter,” said David Crowe, chief economist of the National Association of Home Builders.
"Improvements in market expectations suggest ... the start of a recovery in the remodeling market.”
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