Why 2021 is the Right Year for Home Renovations
After the year that 2020 was for all of us, is 2021 your year for something great like renovating your home? Ultimate Renovations knows it is. In fact, the home renovations trend is on an upswing. Below, we look at some indicators that show this year is your year to make some changes, too.
What the Market Shows
The market shows that homeowners are spending more on home improvements and repairs now than even before the pandemic. It seems, instead of turning people off to making changes, they have realized that they want something different from their homes. Spending so much time at home and indoors over the past year has provided new insight into how to make our lifestyles better, starting in our own households.
This desire to renovate is backed up by the Leading Indicator of Remodeling Activity (LIRA). This short-term home improvement and repair spending outlook provides a glimpse of moderate gains in this activity. It is also a seller’s housing market, indicated by bidding wars that leave many hopeful homeowners stuck with the house they own now.
If you cannot find a new move-in ready house or want to put off selling until the buying market offers more positive inventory, fix your current home up. Make it what you want it to be and prepare for a return on your investment when you decide to proceed with a sale. You can also buy into a fixer-upper to renovate and make it your dream home. According to LIRA data, this is what people will continue to through 2021 and into 2022.
Where You Can See the Most Remodeling Activity
In North America, remodelling is trending upward in literally every community of Canada and the United States. The largest cities are most prone to increased spending toward renovations. This is proven in New York, Chicago and Los Angeles, as examples. These cities and others like them are showing nine to 10 percent growth.
As impressive as those three cities are in their remodelling booms, some other cities are doing even better. Austin, Texas and three cities in Florida show over 30 percent growth in this home renovation. Nashville, Fort Worth, Dallas, Raleigh and Houston all have remodelling spending growth of 25 percent or more.
Latest Trends in Renovations
As you can see, home renovations will continue surging in popularity throughout 2021. You have to wonder what people are doing to their homes. Below, we look at the specific trends related to remodelling spending:
Converting a Guest Room
During the pandemic, we were all stuck at home. This allowed plenty of time to think about how we get the most use out of our rooms. The guest bedroom is one that many people find little use for as sleeping quarters. Why not convert it into something more engaging, fun and useful?
Some of the renovation plans are for home gyms, bedrooms and offices. Designers are reporting family activity interest for these rooms, such as for indoor bowling lanes, bars, arcades, home theatres and climbing walls. The sky is almost the limit for creativity, design and use.
Multigenerational Housing
People are more interested in bringing extended family or multiple families together in one home. This is a change we have not seen so commonly in past centuries. Toward this goal, people are requesting multiple master suites, kitchens and entryways for one home. Adding a mother-in-law suite or tiny home on the property is another popular request toward the same goal.
Greener Homes
Going green makes more sense than ever before. We all want to live in more environmentally friendly ways. This also helps with energy bills. If you want to remodel your home for greater sustainability, start with improved insulation, upgraded HVAC and solar power.
Spa Bathrooms
Your bathroom does not have to be utilitarian exclusively. You can add a nice soaking tub for your Zen, a larger multi-head or steam shower or other features to create your own spa-like atmosphere.
