Things To Consider When Renovating Your Home
The current housing market is a hard one to not only navigate but compete in with such high home prices and low inventory. This coupled with the pandemic has caused many homeowners to change what they don’t like about their current home instead of moving on. Here is what those in the industry suggest if you are on the path to renovating your home.
Currently, renovations are at a four-year high so there are lengthy wait times. After staying at home during the pandemic homeowners are now more than ever determined to renovate. Houzz did a study that showed 55% of homeowners renovated in 2021 which was up from 53% in 2020. There is no slowing down in 2023 despite the higher cost and wait times.
You will need a higher budget if you are going to renovate in the near future. Just like supply and demand for everything else, this also applies to home renovations. In 2022 and now in 2023 over half of the homeowners are still planning on renovating and are upping their budgets to do so. For the past three years the average budget has been $10,000 but this has increased now to $15,000 which is a fifty percent increase!
As mentioned before, renovations are taking a bit longer to complete in today’s market. Unfortunately, time means money and the homeowner is the one who has to cough it up. A study showed that on average renovations to around nine months to complete in 2021. For a remodel of an interior room, it can take even longer than nine months and the kitchen the longest.
“Planning a kitchen remodel took an average of 8.6 months, while construction took 4.9 months. Building work for bathrooms and other interior rooms lasted a month less on average,” reported Houzz.
Interior rooms or the most popular to renovate and the kitchen is the most popular interior room to upgrade. Even though the kitchen is the most popular, price increases that were high were seen in guest bathrooms (38%). laundry rooms (33%), living rooms and guest bedrooms (28%). There was also a 13% increase in spending when it came to the primary bathroom for remodels.
Security has become a very important topic post-pandemic. Homeowners are spending 25% more on security systems and three times more homeowners want outdoor security systems. In fact, outdoor security systems have become the second most outdoor upgrade completed.
Renovations can be stressful and hiring a pro is best. Nine out of ten homeowners that were asked in the study said that they hired professionals for their renovations. Among the most popular hired were specialty service providers. These included electricians, HVAC specialists and plumbers. General contractors were also very popular. Among the 38% of homeowners that hire professionals, 72% of those were general contractors.
During a competitive buyers’ market, renovating and staying put in your home is a smart decision. Professionals in the industry can help you turn your current home into your dream home.
