Remodeling Gets Popular As Housing Market Tightens
Posted November 2, 2007 12:06 a.m. EDT
Updated November 2, 2007 9:40 a.m. EDT
Raleigh, N.C. — The nationwide downturn in the housing market has created a popular new trend in the Triangle: remodeling.
Although new building permits are down by more than 10 percent in Wake County, permits for remodeling projects and additions have jumped by 24 percent over the past year. The county has processed more than 5,500 permits for renovations so far this year.
“It’s directly related to the economy,” said Larry Strickland, Raleigh’s inspections director.
Strickland said it is not unusual to see the number of permits for new buildings and renovations fluctuate, especially during uncertain market conditions.
“Instead of going out and purchasing new homes, they get a little bit conservative and say, ‘Let’s save a little money, spend some money on our existing home,” he said.
Steven and Noreen Berger said the renovation of their home in Raleigh has been a complete success.
“We took a 1960 typical rancher, and we transformed it into a 21st-century home,” Steve Berger said.
"Any of the get-togethers or parties we have, we’ve got people always saying, ‘Let us know when you’re selling your house.’”
But Steve Berger said the investment he and his wife made in their house has paid off so well that they are not thinking of selling anytime soon.