Top 3 home renovations homeowners are doing, some influenced by COVID
COVID-19 continues to reshape our lives, changing our daily routines and mandating precautionary measures that involve staying in our homes as often as we can. With people spending more time at home than ever before, home improvement projects are increasingly becoming top of mind for homeowners.
Remodeling home projects take time and patience, and REALTORS® and homeowners alike recognize the feelings of accomplishment, satisfaction and potentially higher home values that come with it. During this pandemic, homeownership is invaluable, and your home means everything to you – from protection, to safety, to comfort. People across our region are dedicating themselves to improving their homes.
Below are some facts about home renovations during the pandemic, according to a survey by the National Association of REALTORS® (NAR):
- Despite the financial difficulties brought on by the pandemic, 77% of homeowners say their home renovation budget for 2020 is the same or greater than last year.
- The top three home renovations that homeowners hope to complete within their budgets in 2020 are:
- A new bathroom (28%);
- A new kitchen (23%); and
- Fencing in their yards (21%).
- Homeowners are attuned to how the pandemic may influence prospective buyers’ preferences. A fenced-in yard, for example, the third most popular project for 2020, didn’t even make the top 10 REALTOR®-recommended projects in NAR’s 2019 Remodeling Impact Report, which examined a variety of remodeling projects and their appeal, value and potential return on investment.
- An additional 21% of homeowners expect new investments such as a home office, gym or other space will offer the greatest return — other projects REALTORS® would not have recommended as a top priority based on 2019 data.
- Some renovation priorities remain unchanged: Kitchen and bathroom upgrades and remodels were highly recommended by REALTORS® in 2019, and continue to top most homeowners’ current lists.
REALTORS® can help homeowners understand their local real estate markets while identifying which home renovations improve quality of life and provide a greater return on investment during this ‘new normal’ of homeownership. If you are interested in selling or buying a home, contact a local REALTOR®.