In the past year or two, home renovations have become exceedingly popular. You probably know at least one person who has planned or executed a home renovation in the past couple of years; you might even be planning on yourself. There’s no question that a home renovation can instantly beautify and improve your home’s functionality – and most people find them well worth the money.
But why is there such a sudden and clear surge in home renovation popularity?
There are several factors at play here.
For starters, home renovations are more accessible than ever.
· Free shipping and global trade. Thanks to the wide reach of the internet, you can purchase supplies and tools from businesses all over the world. From the comfort of your living room couch, you can research and compare prices so you can get the best deal on the materials you need. Even better, you can likely get those materials shipped to your front door for free.
· Information and tutorials. If you want to save money or if you just like doing things yourself, you’re in luck. Thanks to YouTube and other video platforms, you can find information and live tutorials on any type of home renovation you can imagine. These days, even amateurs can tackle simple jobs without ever needing to call a contractor.
· Dumpster rentals. Renting a dumpster is easier than ever as well. In just a few steps, you can order a properly sized dumpster for your renovation needs and have it delivered in a convenient place on your property. That makes cleanup much faster and easier, ultimately making the project much more appealing.
While you can complete a home renovation on a budget, most renovation projects still cost thousands of dollars, if not tens of thousands. Fortunately, the past few years have been economically kind, despite the closure of businesses and the halting of business activities in response to the pandemic. Stock prices have risen consistently (after a brief dip in the first couple months of the pandemic), the federal government has issued several stimulus checks, benefits programs have been increased, and people are saving more money because they’re not going out as much.
This combination of factors has led to people saving and investing more money than ever before. Flush with cash, homeowners are much more willing do you spend a few grand on improvements around the house.
The Housing Market
In nearly every market around the country, housing prices are skyrocketing. Houses listed for a reasonable price are usually sold within hours and those in competitive areas often see aggressive bidding wars as prospective buyers try their luck to finally obtain a home.
There are many reasons for this phenomenon. Part of the problem is limited inventory, as the construction of new homes has slowed. During the pandemic, older people were reluctant to move, driving housing prices higher as well. And people are migrating to different areas of the country, forcing prices in most areas to rise as wealthy urban dwellers make bids on previously inexpensive houses.
In any case, existing homeowners are looking at the rising prices and are hoping to make a significant profit. But before they list their home on the market, they want to make sure it’s capable of fetching the highest possible price. That often means committing to major renovations, or at least a handful of renovations to fix the glaring issues with the home.
Before the COVID-19 pandemic, only 20 percent of employed adults worked from home most of the time or all of the time. Today, 71 percent of employed adults are working from home. For many people, this is a good thing. It means spending more time with the family and less time commuting.
But it also means spending a lot more time in the home, and if you’re not satisfied with the way your home looks or the way it functions, you’re going to have more time to dwell on those negative feelings. This alone has prompted millions of people to finally make the investments they’ve always wanted to make. Whether you’re finally adding a home office or you’re just interested in making the kitchen look more modern, the shift to remote work has been the perfect excuse to make the upgrade.
The COVID-19 pandemic has also influenced the rise of home renovations in another important way: extra free time. People are spending far less time commuting to work, they’re not socializing as much in person, and they’re finding new hobbies to keep themselves busy.
Because of this, people have more time to focus on side projects and priorities that have historically gotten delayed. If you’ve been procrastinating remodeling the kitchen because you simply didn’t have the time, all your excuses may have disappeared.
As you can see, there are many reasons why home renovations have gotten so popular. But the popularity is unlikely to last forever; as more people become satisfied with their living spaces and the costs of materials continue to rise, we’ll likely see this popularity curve flatten in the near future.