More Owners May Reconsider That Remodeling Project After All
Homeowners are hitting the pause button on remodeling projects, which may prompt home renovation activity to fall to its lowest level in three years, according to a new report from Harvard University’s Joint Center for Housing Studies.
Homeowners spend about 30 percent more on remodeling a newly purchased home than a longtime resident does, according to the center. In addition, higher mortgage rates make tapping home equity to pay for renovation projects more costly. On top of that, material costs are also on the rise.