During the pandemic, many homeowners found themselves asking, “Should I renovate my home?” Interest in home renovation came on the heels of people spending more time in the house and using their space for different purposes such as an office, gym, and living area.
Despite the financial hit that many families took during the pandemic, the demand for home renovations is rising. Harvard University’s Joint Center for Housing Studies predicts that home improvement spending will continue to increase through 2021 and into 2022. With this trend growing, you may be asking if now is the right time to renovate your home.
To decide whether to move forward with home renovations, explore what is driving the demand, other factors that affect the renovation process, and what you can ask yourself to see if it’s a good decision for you at this point.
What’s Driving the Demand for Home Renovations?
There are several driving forces behind the push for home renovations in recent months. The two most significant factors are homeowner-driven changes and realtors meeting the needs of new homebuyers.
Homeowner Goals
Over the last year, homeowners who spent more time at home started to notice elements they wanted to change. Homeowners have also been pushed to create outdoor spaces like pools and patios where they can enjoy being outside away from crowds. Overall, these decision to pursue a renovation comes down to one of these reasons:
- –Comfort: creating a more comfortable home environment by adding new elements and repairing outdated areas.
- –Safety: making repairs to keep the house in good condition.
- –Technology: implementing new smart home and energy-efficient technology.
- –Repurpose: the necessity for dual-purpose spaces such as a home office and educational area or a gym.
- –Increased scope: planned renovations increase in scope and include additional remodeling elements.
- –Savings: homeowners can afford renovations with money from stimulus checks and savings from not eating out or traveling.
Realtor Goals
As the housing market grows, realtors are aiming to appease homebuyers with renovated properties. They are advising sellers to make changes to their homes to obtain top market value for their property.
- -Extra spaces, like an office or fenced-in yard, are expected now instead of a bonus.
- -Updates are equated with home prices, so sellers who wish to get the maximum value from their homes must offer up-to-date features.
- -Those looking to increase home equity are encouraged to renovate
Economic Factors That Affect Home Renovations
While there are several reasons that homeowners are renovating, outside factors may affect the cost and time it takes to complete your home restoration process. Consider the following when deciding if now is a good time for you to start a renovation project.
- –Material Costs – Due to a complicated set of factors, there is a shortage of building materials like lumber. The cost of lumber has tripled in just the last three months, which translates to higher expenses if you plan to start a renovation imminently.
- –Labor Shortages – Due to a labor shortage caused by a lack of migrant workers who typically fill construction-based positions, contractors are having trouble managing their workload. This leads to longer project completion times and, in some cases, the inability to take on new projects.
When Should I Renovate My Home?
Despite potential setbacks, there are still plenty of reasons to renovate your home. Investing in your property to keep it safe and increase its market value is sure to pay off in both the short and long term. Whether you want to build a pool for at-home recreation or you need repairs due to this year’s unusual weather patterns, it might be the perfect time to set a project in motion.
When deciding if now is the time for you to renovate, consider:
- -What are your family’s needs and wants? Have these shifted due to recent world events? What is important to you and your family now? Base your decision on what your family needs now and in the future.
- -What projects are on your to-do list? What projects are a priority? Focus on these areas first and expand as your budget allows.
- -If your renovation takes longer than anticipated, how will you manage it? Have a plan to work around a renovation that takes more time due to labor or product shortages.
- -Do you want to do the renovation yourself or work with a professional company like Big State Construction, which can take the stress out of the renovation process? Decide which option is right for you before committing to a project.
How Big State Construction Can Help
If you are ready to renovate your home, let Big State Construction help. We are the premier residential, commercial, and custom home renovation company in Texas and are prepared to get your project started.
We’ll come to your home, assess your needs, connect you with a project manager from our team, and meet with you consistently throughout the renovation process. Call us at (713) 574-8956 or contact us online to learn more about how we can improve the safety, comfort, and value of your home.