One would think that with the relatively sluggish recovery of the real estate market in many parts of the country, with both homebuying and home building on the low side overall, home improvement would be similarly stunted.
And yet, that’s not the case — a study by the Joint Center for Housing Studies at Harvard, property renovations are booming with nearly $300 billion in sales. It could be the highest spending this year since 2007. That’s good news!
The study points to millennials as key to the home improvement market — as well as real estate investors:
"While currently lagging previous generations in forming households and buying homes, the Millennials will eventually give a dramatic lift to home improvement spending. More immediately, the growing presence of Millennials in the rental market is encouraging property owners to invest in updates to their units.”
So if property owners should be investing in updates, what kind of updates are best for your budget and your value? Consider these investments: