We renovate our homes for one of two reasons: for function and for enjoyment/aesthetics. We’ll patch up holes in the walls, slap a coat or two of paint on them and call it a day. We’ll rip out the toilet and install one that uses less water in effort to be more eco-friendly (or save on the water bill).
It doesn’t matter why we renovate because ultimately, the house is an investment and a sanctuary. And with the pandemic continuing to rage on, homeowners are rolling up their sleeves and are starting a home remodeling project or two.
If you’re considering hopping on this bandwagon too, the HomeLight 2020 Q3 survey gives some insight as to what projects are popular right now. Let’s take a look at what they are.
1. In-law suites for multi-generational living arrangements
In 2018, Pew Research revealed that one in five American households are multi-generational (more than two adult generations living in the same home). With the virus running rampant, adult children are staying home because universities have remained closed. Elderly parents are being taken care of by their children instead of living alone or in a retirement community. So, an in-law suite is becoming a highly sought after feature.
You can create these spaces by just adding a bathroom to an existing room, turning the basement into a studio apartment, or even building a whole new addition. Just keep in mind that these projects aren’t going to be cheap, especially building a new addition. But it’ll be worth it knowing your loved ones are being taken care of at home.
2. Outdoor living spaces for fresh air
Families are going stir crazy indoors and so they’re looking to make outdoor space where they can stretch their legs, get some fresh air, and entertain (following social distancing protocols, of course).
Homeowners are creating patios, decks, building (or buying) gazebos and al fresco dining spots. You can create these spaces for a decent price, depending on how elaborate you want to go.
3. Defined rooms for privacy
It wasn’t too long ago that open floor plans were all the rage. Homes with this floor plan were airy and the family could chat with one another easily, thus making it easier to entertain. However, since people have been sequestered to their homes for months on end, they want their privacy! People are erecting walls, putting in doorways, and installing doors.
This is another big ticket renovation – putting up a wall, on average will cost $1,797. It’ll cost more for electrical, heating, and the like.
4. Smart technology throughout the home
Over the next few years, it’s estimated that there will be more than 300 million smart homes in the United States. Folks want homes where they can improve energy efficiency (installing smart thermostats where they can control the heat/air remotely) or have a beefed up security system. Installing these technologies will make your life easier and appeal to potential buyers.
5. Private gyms and/or saunas
The pandemic caused public gyms, spas, and saunas to shut down until further notice. So homeowners are taking matters into their own hands and are building home gyms and saunas. These features may not add a lot to your home’s overall value, but it does improve the enjoyability of the home. That’s what matters anyway!These are just a few of the popular renovations homeowners are taking on. Things like a well-appointed kitchen, a master suite, and hardwood floors are still on buyer’s wishlist. It doesn’t matter what project you choose to do, you have to think carefully about what will benefit your family the most. The enjoyment you get from your home is paramount!