“If You Can’t Sell, Remodel” has become the unofficial slogan for American homeowners convinced that basement remodeling provides a practical alternative to trying to sell homes for profit during an economic and housing downturn. In the all-new report, Trends and Opportunities in the U.S. Basement Remodeling Market, market research publisher SBI forecasts the basement finishing market to grow 5% in 2008 to $23.3 billion, and subsequently at a steady 7% through 2012 to $30.6 billion as the housing and overall economy eventually rebound.
In today’s environment, remodeling a basement can provide a family with the additional space they need for an extra bedroom, office, entertainment center or other use at a fraction of the cost of a new home without incurring a loss on the sale of their existing home. For those homeowners who want to sell but decide to wait for a more robust market, finishing the basement can be a good alternative to buying a larger home by providing at least some of the additional space wanted in the interim and increasing the value of the house in the long run. Presumably, when the housing market improves, the return on the original cost of the basement is likely to have increased.
“Faced with the glut of houses on the market and the prospect of a low sale price, more homeowners are pulling back and deciding to sit tight while hoping for an upturn in the market. As an option to buying a new home, some owners turn to remodeling the basement for the extra space they need,” says Shelley Carr, associate publisher of SBI.
Other factors predicted to contribute to the growth of the basement remodeling market include product developments that lessen the challenges basement remodeling presents such as waterproofing, mildew and mold control, and insulation. Also, in the ever-greening climate of thinking, the fact that finishing a basement makes it easier to heat the house in the winter and cool in the summer, which adds up to energy savings, is a significant consideration as energy prices escalate.
Trends and Opportunities in the U.S. Basement Remodeling Market provides a comprehensive examination of basement finishing trends in the U.S. as related to uses, challenges, expenditures, customer base and preferences, and the vendors and products that serve the market. The report highlights the size of the market from 2005 to 2007, forecasts growth from 2008 through 2012, and includes the major factors that help explain recent growth patterns as well as those expected to affect the growth or decline of the market through 2012. For further information visit: http://www.sbireports.com/Trends-Opportunities-Basement-1927314/ .
