Are you thinking about remodeling a room or renovating your home? If so, you’re far from alone. You may have noticed that there’s been a steady stream of landscapers, contractors, and carpenters in your neighborhood over the last few months, and that’s likely to continue throughout the new year.
What’s Driving the Big Surge in Home Renovations?
The COVID-19 pandemic has rocked the world in 2020. While many industries are struggling, real estate isn’t one of them. In fact, both the real estate and remodeling industries are booming because of the virus.
A lot of New Yorkers are fleeing the cities for the suburbs where there’s more space (and less chance of contagion), so they’re snapping up every available property that hits the market. Many others have transitioned to remote work and are now using their homes as both their office and their refuge from the world.
People in both situations find themselves taking a harder look at their accommodations. The emphasis on family, home life, and practical function has many homeowners ready to remodel. Craftsmanship, comfort, and aesthetic appeal in a home are more important than ever.
The move to remodel is buoyed, no doubt, by the rapid rise in home equity that many homeowners are experiencing coupled with historically low-interest rates on mortgages. That makes it easier for homeowners to afford major remodels.
What Kinds of Home Renovations Are Topping the List?
We talked to Seven Valley Home Renovations out of Liverpool, New York, to learn more about what they’re seeing in remodeling trends. “People are seeing their homes as more of an investment for the future,” they say. “Because they’re spending so much time at home these days, they’re starting to focus on areas of their homes that look outdated or don’t really meet their needs.”
Kitchens are one popular area of the home for renovations. Already the heart of many homes, they’ve gained more importance now that families aren’t eating out very often. Bathrooms (especially master baths) are another popular home renovation. Spas are generally off-limits right now, so homeowners are indulging in personal luxuries at home by recreating a spa-like experience with high-end tiles, oversized showers, and all the extras in their bathrooms.
What Other Home Renovations Are Gaining Importance?
Home extensions and outdoor renovations are two other big areas for home renovations right now — for very different reasons. Remote workers often find their existing spaces awkward for work. Rather than squeeze their workspace into a spare bedroom or dining room corner, they’re adding dedicated home offices with all the amenities that make them comfortable.
Folks who found themselves trapped at home this year have rediscovered the simple pleasures of spending time outdoors with their loved ones far from the crowds. That’s prompting people to add wooden decks, stone firepits, and other features that make their homes and yards perfect for entertaining or relaxation.
It’s widely anticipated that many of the pandemic’s changes to the way Americans go to work, live life, and play will be permanent, which means renovating your home now is a great way to stay ahead of future trends and increase its value.