With most of us stuck indoors over the past few months, it’s no surprise that some people are spending their time thinking about redoing their homes.
Though traditionally, homeowners have always taken ROI (return on investment) heavily into account, the recent upturn of home-bound Americans has changed priorities to more accurately reflect a need for a more comfortable and livable home RIGHT NOW. According to Remodeling magazine, nine of the top 10 best investments for projects in 2019 were exterior ones, with a minor kitchen remodel being the sole interior project offering a strong return on investment. Early results in 2020 are showing a much higher priority in usable kitchen and living space.
A focus on kitchens:
In mid-2019, the median spend on major kitchen remodels was $35,000, up $5,000 from mid-2018 totals, according to the 2020 U.S. Houzz Kitchen Trends Study. The most popular kitchen feature upgrade is countertops, with 89% of consumers updating theirs, followed by backsplash at 84% and sinks at 83%. Most remodelers are upgrading systems, changing layouts or modifying walls. Even more modest budgets are being prioritized towards kitchens with minor updates in overhead lighting, small appliances, and finishing touches like backsplashes.
Going it alone:
With the modern farmhouse style gaining popularity in recent years, there are more opportunities for DIY work now than ever, and homeowners know it’s time to take advantage. The added time at home has given many homeowners the push they need to make that dream feature wall a reality, for instance. A recent study of DIY projects in Pennsylvania finds many homeowners focusing on projects like full room repaint, floor replacement, vanity and countertop replacement, and minor lighting updates throughout the home.
Though these projects are more feasible because they’re easier to complete without a professional, it is likely that financing also plays a factor in the choice of DIY project.