Posted on 22. December 2011 09:08 by qgailr
The BuildFax residential remodeling index reached a record high in October, extending its 23-month climb another month, as homeowners opt to stay put and remodel rather than buy a new home.
The index, which began in 2004, rose to 147.6, up 40 percent from 105.8 in October 2010. The index stood at 141.4 in September, which was also a high.
Joe Emison, vice president of research and development at BuildFax, said while the number of remodeling projects is rising, the average estimated construction cost of each project is falling.
"We see that as an indication that people are doing more comfort remodels, meaning they're modeling to make their homes more comfortable as opposed to flipping it," he said.
The company found the average project cost of a major remodeling project for 2011 was $39,460, down from an index high of $43,808 in 2004. The average project cost of a minor remodeling project in 2011 was $10,968, down from an index high of $12,623 in 2006.
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