Market analysis, including Harvard University's Leading Indicator of Remodeling Activity, for the housing industry shows that 2014 is a robust year for the home renovation sector.
The rising interest in home renovations is closely linked to the rise in home sales, where these renos are adding value by increasing home equity. According to the National Association of Home Builders, the industry is showing the highest reading since 2004 and is therefore poised for a positive future.
As a clear indicator of the development, more than 40 percent of homeowners plan to renovate their homes this year and in the next, as per the latest Houzz & Home Study. The National Association of Home Builders has estimated these renovations to reach the figure of $200 billion per year.
What is more interesting here is that these renovations are no longer the run-of-the-mill ones that dominated the scene before. Even though 78 percent of homeowners have said that improving the look and feel of their homes is a key criterion for renovation, they want eco-friendly means to get there. This demand has, in turn, led renovation experts to upgrade their own skills and offer more innovation and efficiency in their projects.
The construction industry as a whole has been quick to see the benefits of going green. Green building and remodeling are now seeing increasing center-stage presence, as rising energy and real estate prices, inflation and environmental concerns are all combining to make "going green" the only way to go.
Green is no longer the latest fad or the niche market, it is fast becoming the mainstream industry to be in. Renovation experts are now using the rapid advances in green technology and smart devices with innovative natural ideas to create sustainable home solutions for their clients. They have help from industry players who are manufacturing Energy Star appliances and smart systems.
Builders today have realized that going green makes their homes easy to sell. This naturally means a massive paradigm shift in the consumer thought process, which demands an eco-friendly and smart home. While new homes are covered, what happens to the older homes?
Here is where the demand for green renovation experts begins to make sense. Their focus is on updating older homes following green guidelines, which will change the way they look and also cut their energy and water use by at least 40 percent, if not more.
What really makes these green renovation experts stand apart from the rest is their expertise in the job from start to finish, right down to disposal of the waste. Key elements in these projects include green insulation, biodegradable materials and smart appliances.
Depending on the complexity of the project and the budget, experts also offer more advanced technology in the form storm-water management, use of solar power for home-energy needs, and even geothermal heating for those who can afford it. With electrochromic smart glass they advise their clients to make use of passive solar energy to keep indoors heated in winter and cooler in summers, cutting down on HVAC costs.
It is easy to see now why green renovation experts are so in demand. Green renovation will not only offer sustainable homes, but in the process they will also help each of us make a lasting impact on the community, and the Earth.
