More people remodeling than building new homes
Posted June 16, 2008 6:08 p.m. EDT
Updated June 16, 2008 6:56 p.m. EDT
Raleigh, N.C. — With a slowing economy and uncertain housing market, the Homebuilders Association of Raleigh-Wake County says more people are remodeling their homes than building new ones.
New-home building permits are down 39 percent from the same time a year ago, the industry group says.
Meanwhile, permits to remodel a home or add on to one have remained increased. There were 15 percent more add-on and remodel permits issued in April than there were in January.
Eddie Casanave, who owns Distinctive Remodeling in Raleigh, says more of his clients are going that route – many getting more square footage for less than what they would be paying for a new home.
"Kitchens and baths are still the most popular remodels, and they return the most value to the home as well," Casanave said.