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Kitchens, bathrooms rank tops in
remodeling
According to the National Association of the Remodeling Industry (NARI), residential remodeling and repair expenditures are at an all-time high. Total spending in 2002 was $163 billion, with a favorable outlook for 2003.
With historical lows in mortgage interest rates, existing home sales are up and recent homebuyers are an active spending group within the remodeling industry, accounting for more than 25 percent of the total dollars spent on remodeling in the United States in 2002.
The U.S. Census Bureau reports the top two home improvements with the highest return are kitchen and bathroom remodeling. There is a demand for appliances that offer both convenience and performance. Consumers are seeking appliances that are versatile, dual-powered, and able to meet all the needs of the overworked population.
As the kitchen-remodeling business continues to boom, today's appliances offer a wide variety of what people are looking for - quick turnaround diners with all the style of home-cooked meals. According to McKinsey and Co., Inc., by 2005 many Americans will have never cooked a meal from scratch.
Americans paid an average of $26,888 for a kitchen remodeling job last year and included three features in a majority of their projects - custom cabinetry, a garbage disposal, and built-in appliances. In addition, the ever-changing microwave oven was the most requested product to be included in the kitchen. America's kitchens are also getting bigger. According to the National Kitchen and Bath Association, 69 percent of the kitchens remodeled last year were more than 150 square feet. Wine coolers are popular, as are freezer/refrigerator drawers and pullout shelves.
Consumers enjoy little luxuries in bathroom remodeling, with dual showerheads, body sprays and whirlpool tubs continuing to be popular luxuries in the bath. Bathrooms are personal retreats from everyday life and, like kitchens, continue to grow in size.
Not coincidentally, many of the popular trends and good remodeling investments mirror the trends in new housing, such as master bedroom suites and exercise and media rooms. Minor kitchen remodels where the homeowner adds a few amenities and resurfaces worn and obsolete tiling, countertops and cabinets not only raise a home's value, but they may mean the difference between selling or not selling the home.
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