The Cost of Remodeling is on the Rise

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The tight housing market has more homeowners renovating current properties, driving up the demand for residential remodeling professionals.

Paired with rising demand, the rising costs of labor and building materials have caused the price for home improvement projects to increase, CNBC reports. But this has not deterred homeowners; a recent report from Harvard’s Joint Center for Housing Studies predicts that the annual growth in homeowner remodeling spending will remain above 7 percent into 2019. Homeowners are especially willing to spend on projects that may increase their home’s resale value.

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