Mark Richardson opines that 80% of the reason there’s increased interest in home remodeling is because of the current environment and dynamic created by the COVID-19 pandemic.
Part 1. Homeowners and Their Current Situation.
With homeowners now spending most of their time indoors, they are more likely to notice the things that are wrong inside their home. This is the opposite compared to months ago, when everyone is too busy to make remodeling a priority. Now that they have more time in their hands, this also means they are free to research and pursue their remodeling goals. You’ll notice this by the amount of online search traffic.
What’s more, remodeling gives homeowners something to be excited about, something to spend their time and energy on. This active mindset makes them more likely to pick up the phone and call their local remodeler. The pandemic has made travel almost impossible, so they’ll be focusing on projects that improve comfort, enjoyment, and safety, and emphasize the family-gathering element. You may also notice an increase in home office upgrades, given how most of them may be working from home. Basically, homeowners now see their homes as a sanctuary–something of greater value instead of just a roof over their heads.
Part 2. Investment of Remodeling Today (Thought Interview with Kermit Baker, Project Director for Remodeling Futures Program at Harvard University).
According to Kermit Baker, he expected a dramatic slowdown in home remodeling because it’s an industry that’s typically tied to the economy. While there is no hard data on why remodeling is so popular right now, there is considerable anecdotal information from contractors saying their business is going a lot better than expected–although this may depend on the type of work they specialize in and their service area.
Part 3. Ideal Project Types in This Situation (Thought Interview with Kermit Baker, Project Director for Remodeling Futures Program at Harvard University).
Kermit shares that projects focusing on outdoor living and landscaping are doing well–basically upgrades where the contractor doesn’t have to enter the home. The same goes for roofing, siding, and window projects. With most people not being able to go beyond their fence unless necessary, homeowners aim to improve their backyard–a contrast to traditional home improvements like room additions. Mark and Kermit further discuss the economic side of home improvement.