The COVID-19 lockdown brought about many changes in our everyday lives. One of the major changes we have witnessed is the sudden surge in people improving their property value through various remodeling projects. This expansion in the home renovation projects came as a surprise since most experts predicted a contraction due to mass layoffs and lower discretionary spending.
However, this sudden boom wasn’t unwelcome. Several home repair retailers are benefitting from the increased sales they’ve had in the past few months.
What Has Caused This Spike In Home Renovation Projects?
According to a survey, 57% of people interviewed confirmed that they had done some sort of renovation to their houses from March to May. The reasons they quoted were:
- Working from home has given them more spare time. It allowed many homeowners to complete or start projects that they had been putting off for years.
- Being home had made owners more aware of the issues within. Many issues they had never noticed before became more obvious and with the extra time on their hands, they decided to deal with them.
As the quarantine progressed, another trend that picked up was city dwellers moving from their constricted spaces into housings that are more spacious. Consequently, the real estate prices surged, so moving is not as feasible as an option anymore.
Fortunately, though, even as the lockdown has eased, the home renovation industry is still witnessing growth. The projects are a fun time pass for homeowners, as well. Therefore, it is the ideal time to go ahead and build that pool of your dreams or turn your backyard into a mini oasis.
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