The home remodeling market has been booming recently, which started during the early months of the pandemic. That’s because several countries imposed strict lockdown protocols that forced people to stay at home. All the new-found free time made many homeowners realize the need to update or reconfigure their home’s indoor and outdoor spaces for several reasons, including school, work, or exercise. ;
According to recent surveys, sheltering at home is the main reason for the sudden surge in demand. Over three-quarters of American homeowners had done some form of home remodeling projects during the pandemic. This situation has led to a 58% increase in the project leads of professionals specializing in home remodeling.
Better Outdoor Spaces
Those working on outdoor spaces experienced the most significant increase in demand with more people wanting to have a bit more fun or have a unique ‘retreat’ at home, even if it’s in their backyard.
Pools are the most popular outdoor home improvement project as more homeowners want to make their humble abodes enjoyable, comfortable, refreshing, and active. Swimming pools are so high in demand that even high-profile investors are taking note, and several international distributors of swimming pool supplies are experiencing a 54% increase in sales.
Adding or Repurposing Rooms
Indoor home extensions and additions have also increased over 52%, with the most common projects, including home offices or study rooms, since most parents are now working remotely from home and with schools establishing online classes for kids. Even popular indoor remodeling choices as kitchens and bathrooms have experienced a 40% jump in demand when the pandemic started. That’s because more people are now spending most of their time at home, so they might as well make it more comfortable for their families.
Projects revolving security and privacy have also increased a jump in demand as more criminal activities are now happening in different states during this crisis, with fence installations being the most common choice for homeowners.
Home Remodeling Costs During the Pandemic
With the economy gradually decreasing and with unemployment on the rise, you may wonder how these homeowners are paying for these home improvement projects’ costs.
One of the reasons is that homeowners are likely getting more incentives due to the high amount of home equity they possess as home prices continue to skyrocket despite the plummeting economy. That’s because the demand for housing is still continuously increasing, making them equity-rich, allowing them to make necessary adjustments to their home with confidence.
Another reason why homeowners can afford home remodeling costs despite the pandemic is that they’re now saving more money from not eating out, going out to restaurants, and not traveling. Most people decide to place the money they save on their home investments, allowing them to be more confident in making their property their real investment.
The home remodeling industry shows no signs of slowing down as more homeowners are already planning to take on new projects in the upcoming months.
Take advantage of your new-found free time and spruce up your humble abode to make your ‘bunker-style’ way of living still enjoyable and fight through the hardships of staying at home with style. These home remodeling projects can also be a wise investment as it can increase your property’s value over time.