As people are working from home and staying put due to the COVID-19 pandemic, they are choosing to improve their surroundings and create retreats within their own houses. Homeowners are likely completing these projects due to extra incentives. Record high home equity levels, despite the recent economic downturn, is causing the housing demand to soar.
Moreover, a significant number of people are cooking and eating at home, which makes kitchens the center of family life. Kitchen and bath remodeling projects have always been popular, yet the demand increased by 40 percent in June compared to last year. Home extensions and additions increased by 52 percent compared to 2019. Security and privacy measures (fence installations and repairs) also saw a jump of 166 percent.
Shelter-at-home orders obviously guided the increase in demand, as more than three-quarters of all U.S. homeowners said they had done some type of home improvement project during the pandemic. More than three-quarters also say they plan to take on a new home project in the next 12 months.
One online remodeling platform saw a 58 percent annual increase in project leads for home professionals in June. Outdoor spaces had the most massive increase in demand; pool and spa professional searches tripled from a year ago. The need for landscape contractors along with patio and deck professionals doubled.
Justin Sullivan, a home remodeling contractor, said, “We’re also hearing that the money that folks are saving from not going out to restaurants, not eating out, not going on vacations, those things are being saved and they’re deciding to add that value back into their homes as an investment. They have more confidence in their homes as investments.”
Check out the original article from CNBC to learn more about the home remodeling inflation. For all of your construction, repair, or home improvement needs, contact JFC Remodeling today.
JFC Remodeling is committed to providing top-quality home reconstruction services to clients throughout Livingston County. With over 30 years of experience in the industry, our licensed contractors create unique, individualized, and polished renovations. Whether the site requires an improvement, repair, or is a new construction, you can trust our experts to deliver remarkable results. Call: 810-923-1123, e-mail: jfcllc@comcast.net, or visit us at: www.jfcremodeling.com today.
Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.