Home renovations on the rise in Chattanooga
Home renovations are the rising trend among homeowners and there was proof of that at the 49th annual Tri state Home Show with thousands in attendance.
"They wanted to wait until they felt the recession was over and the economy was improving," said Teresa Groves, Executive Director of the Homebuilders Association of Greater Chattanooga.
Investing in home renovations wasn't a priority for many homeowners through the recession.
"Part of the issue was that their home values had gone down and now they've gone back up," said Groves.
Chattanooga property values faired better than those of other cities, but local construction companies like Dare Remodeling and Construction, LLC still felt the effects.
"There was nothing. It literally dropped. 2006-2007 it was the best time ever and then nothing," said Andrew Dare.
Starting in 2013, the work came back as quickly as it left.
"We've literally tripled our revenue every year," said Dare.
Homeowners are once again investing into their abodes, most concentrating on kitchens and bathrooms.
"They get the biggest return for their money on the inside," said Groves.
And they're keeping it local.
"The majority of our vendors are local and they get a lot of their business through our home show," said Groves. "It's a real boost to the economy for the home building and remodeling industry."
Organizers say outdoor living spaces are also becoming popular among homeowners and it's not just updates and renovations, they expect another uptick this year in new residential construction.