Fickle Minded Consumers Keep Real Estate Economy Running
The constant urge of some fickle-minded consumers to remodel their homes periodically is what keeps the real estate economy running. In a detailed study conducted by National Association of Homebuilders it has been found that there is no reason to replace many of the components in a house for several years if they are maintained properly. This study was conducted with the objective of enlightening the consumers regarding the durability of these home parts.
According to Daniel Ariely, who is a behavioral economist at the Massachusetts Institute of Technology, it is the general tendency of people to crave for things that last longer. However, with the changing times, the tastes, lifestyle as well as the desires of the people keep on changing.
This human tendency is exploited in a best possible way by the manufacturers. For improving their sales, these manufacturers try to constantly flood the market with products aimed to encourage such changes.
As per the NAHB report, a typical kitchen faucet must be functional for a period of 15 years and a bathroom faucet should last for 20 years. However, almost 30 percent of residential faucets are replaced every year. According to Jack Suvak, who is a marketing research director at Moen, people are inclined towards making amendments according to their tastes rather than agreeing with the fixtures provided.
Experts cite several reasons for such changes. Reena Racki, a Washington-based architect, associates these changes with the attitude of youngsters. Another important factor is the burden on the pocket. Low income group who cannot afford expensive and durable products often settle for low quality ones. These parts often fail and periodically require replacement.
According to Frank Lesh, who is the president of the American Society of Home Inspectors, buying a house is a long term investment and should be properly maintained. His advice to families is to keep reserve money for the purpose of maintenance.
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