Low interest rates have helped boost remodeling and repairs by homeowners. In the past year homeowners have spent over $133 billion on improvements to their homes.
Homeowners spent 4.5 percent more in the second quarter of 2005 then in the same period in 2004.
In the South Bay it's hard to find a contractor who isn't swamped with work. Surging home prices and lack of inventory have convinced many that it makes more sense to add on or upgrade their existing home then to try to purchase a new one.
This is especially true for those who bought a few years ago and are willing to tear down their old property to build a new home. A new home in East Manhattan on a 7500 sqft lot is over $2,000,000. But if you bought a small home on a 50x150 in 2000 for $500,000 you can easily build a new home for a lot less then you would have to spend on a new home. It's a bit of a hassle finding a place to live while you are building but if you have the time to oversee the project you can save a lot of money and build the home of your dreams.
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