Many homeowners have been investing in home improvement due to the effects of the pandemic, and this isn’t predicted to change anytime soon. People are spending more time at home, for work and leisure, and need to optimize their space for both. Common home improvement projects include creating a home office and enhancing outdoor living space. Seeing as telecommuting has become a long-term solution, and more people are opting for staycations, perhaps we can expect a surge in home improvement spending this summer as well. Instead of going on vacation, homeowners are likely to reevaluate their budgets, to get the most out of their living space.
According to projections for 2021, there will be a surge in home improvement spending this summer. The pandemic has caused people’s priorities to shift, and this has resulted in a focus on improving home life. Many people have made the transition to working from home and this means spending more time in the house. This has also resulted in savings on commuting and eating out, for example.
Also, fewer people are going abroad on vacation due to travel restrictions. With these set to continue this summer, depending on the country, homeowners could use their savings for home improvement instead. Lucanu Construction analyses main reasons why there will be a surge in home improvement spending this summer.
More people need home offices
Working from home has become commonplace and many businesses have adapted to this trend. It also looks like telecommuting is becoming a permanent solution. According to a recent survey, 99% of remote workers said they want to continue telecommuting in the future. In order to work from home comfortably, you need an ergonomic setting. This will also help to improve productivity. People are, therefore, more likely to renovate their home office space to optimize it for work. This could even involve adding a home office extension, or a loft or basement conversion, for instance.
Less spending on vacations
There’s been a staycation boom recently and it’s said that many people won’t bother traveling abroad this year. This is mainly due to travel restrictions and safety concerns. The money homeowners save by not going away can be invested in home improvement projects instead. People are transforming their homes into a haven for relaxing, and adding more luxurious features. This way you can enjoy certain aspects of a vacation without leaving the house.
Additional disposable income
This year there has actually been a personal income boost. More businesses are recovering from the losses made last year, and there are signs the economy is moving in the right direction. Individuals also tend to have additional disposable income because they haven’t been able to spend it on particular areas recently. These include travel, dining, events, and entertainment.
Homeowners gain confidence in DIY
DIY as a hobby went through a surge in popularity during lockdown. Many people took the opportunity to take on projects themselves that they wouldn’t normally. This was partially due to having more free time at home, but also because of the restrictions in place regarding building and decorating work. For this reason, more homeowners have taken a real interest in DIY and have also gained confidence. They have more ideas for renovation projects and are prepared to get involved.
Demand for outdoor living space
With indoor mixing being restricted, there’s now a greater demand for outdoor living space. This isn’t predicted to change. Many homeowners are investing in the enhancement of their outside space. This could be in the form of a back extension, installing decking or a patio, or landscaping projects. It’s become apparent that outdoor space is even more of a commodity. Improving your home’s exterior could add considerable value to your home. As well as creating space to enjoy outside, it’s also a good investment.
Will there be a surge in home improvement spending this summer? The evidence points to yes. We can expect to see an increase in several types of renovation projects. If you’re interested in following the latest home improvement trends, you’ll need the right builder to help you. At FindTheHomePros,com we help homeowners find qualified contractors for their DIY project needs. Whether your place is in need of an upgrade, or you’re even thinking of building a new home from scratch, we can find the right person for the job.