Home Renovations During COVID-19 Increased 58%
Even though many homeowners put home improvement and renovation projects on hold during the pandemic, home renovations increased some 58% during the pandemic according to a report by Houzz.
And it appears there's no end in sight, especially as housing inventory is razor-thin in many markets. So homeowners, who otherwise would have sold their homes and moved into a new home, are staying put and renovating and/or expanding their current homes. There will also be a continuing demand for home improvements/renovation after the pandemic as many homeowners put their plans temporarily on hold due to safety concerns during the pandemic.
Houzz also reported on the biggest challenges homeowners faced while sheltering in place, which gave rise to an interest in renovating:
- Lack of storage: 34%
- Lack of lighting: 24%
- Lack of exercise space: 23%
- Lack of outdoor space: 16%
- Lack of privacy: 15%
One of the top "renovations" in the Charlotte area has been for pool additions. A top pool companies in the Charlotte region now has almost an 8-month waiting list for new pools! That's as long as it takes to build a new house these days in the Charlotte area.
What To Expect If You Are Planning A Renovation Right Now
What you can expect if you're thinking about renovation is that the renovation will cost you more than you think it will and it will most likely take longer than you think it will. Part of this is due to a lack of building materials and increased cost of building materials. And part is due to demand that local renovation companies can't keep up with.
7 Tips To Prepare For A Renovation:
- Make sure you know what your purpose is in renovation.
- Plan your renovation thoroughly before you begin -- time frame, priorities.
- Set a realistic budget for what you want to accomplish. (Don't forget it will cost you more than you think.)
- If there are smaller projects you can DIY, do it yourself.
- Don't forget about permits. It can be costly later on if you skip this step. Don't be penny wise and pound foolish in this regard.
- Be prepared for delays and don't forget to have a plan of how you might need to adjust living in your home during the renovation process. (Don't forget it will probably take longer than you think.)
- Make sure you understand how your renovation will impact the value of your home.
Thinking About a Home Renovation Or Improvement Project In The Charlotte Area?
If you've been thinking about upgrading your home be sure you fully understand whichrenovations will add the most value to your home when you do decide to sell. You don't want to over-invest for your neighborhood.
Contact Carolinas Realty Partners if we can answer any questions you might have about the Charlotte metro housing market or about what renovating your home might entail and their impact on your home's value. We can also provide referrals for your home improvement/renovation projects.
We've been opening doors for Charlotte area home buyers and sellers for over 20 years. If you're considering purchasing or selling a home in the Charlotte metro area,, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how: