How Can Homeowners Incorporate the “New Normal” of Home Renovations?
The last couple of years have reshape our lives, changing our daily routines and mandating precautionary measures which involve staying in our homes more than before. 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, and REALTORS® and homeowners alike recognize the feelings of accomplishment, satisfaction and potentially higher home values which come with it. Homeownership is invaluable, and we know your home means everything to you – from protection, to safety, to comfort – so we’re seeing people across our region dedicating themselves to improving their homes,” said Ellen Bohn, President of the Snohomish County-Camano Association of REALTORS® (SCCAR).
Below are some facts about home renovations over the last several years, according to a survey by the National Association of REALTORS® (NAR):
- 77% of homeowners say their home renovation budget is either the same or greater than the previous year.
- The top three home renovations homeowners hope to complete within their budgets are:
- A new bathroom (28%),
- A new kitchen (23%), and
- Fencing in their yards (21%).
- Homeowners are attuned to how the last couple of years may have influenced prospective buyers’ preferences. A fenced-in yard, for example, is the third most popular project – in previous years, it wasn’t even on the top-10 list. 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 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.
For more information about buying or selling a home, be sure to work with a REALTOR®, a member of the National Association of REALTORS®. Snohomish County-Camano Association of REALTORS® is the voice for real estate in Snohomish County. If you have questions about real estate, email us at info@sccar.org or visit www.sccar.org.