By: Darlene Davenport, 2020 GTR President
COVID-19 continues to reshape our lives, changing our daily routines and mandating precautionary measures that involve staying in our homes as often as we can. With people spending more time at home than ever before, home improvement projects are increasingly becoming top of mind for homeowners.
Remodeling home projects take time and patience. REALTORS® and homeowners alike recognize the feelings of accomplishment, satisfaction and potentially higher home values that come with it. During this pandemic, homeownership is invaluable, and we know that a home means everything to you – from protection, to safety, to comfort.
Here are some facts about home renovations during the pandemic, according to a survey by the National Association of REALTORS® (NAR):
- Despite the financial difficulties brought on by the pandemic, 77% of homeowners say their home renovation budget for 2020 is the same or greater than last year.
- The top three home renovations that homeowners hope to complete within their budgets in 2020 are:
- A new bathroom (28%);
- A new kitchen (23%); and
- Fencing in their yards (21%).
- Homeowners are attuned to how the pandemic may influence prospective buyer’s preferences. A fenced-in year, for example, the third most popular for 2020.
- An additional 21% of homeowners expect new investments such as a home office, gym or other space will offer the greatest return.
- Some renovation priorities remain unchanged: Kitchen and bathroom upgrades and remodels were highly recommended by REALTORS® in 2019, and continue to top most homeowners’ current lists. REALTORS® can help homeowners understand their local real estate markets while identifying which home renovations improve quality of life and provide a greater return on investment during this ‘new normal’ of homeownership.
Stay safe and be well friends! I am proud to have served as your 2020 President! Thank you for a great year!
