Finally 2020, the year of the pandemic is behind us and we are witnessing a significant rise in demand for home renovation projects in North Vancouver. Many homeowners are trying to capitalize on the prevailing low rates of interest as well as several other reasons, which we will be exploring in the following sections.
The Rise in Home Renovation Projects
Renovations help to meet lifestyle aspirations of homeowners and at the same time, result in increased home value. Let us look at the reasons behind recent rise in home renovation work.
Low Rates of Interest
The economic conditions are improving with different stimulus packages announced by the government, rapid increase in vaccination programs, and lower rates of interest. Due to such lower interest rates, consumers are able to avail conducive mortgage financing and utilize the same for home renovations as well as necessary repairs.
Thus, lower interest rates are drawing more people than before to borrow and meaningfully use those funds to renovate their homes.
Due to a rise in demand for renovation projects, prices have become more competitive and gone down, helping to generate more interest in homeowners to take up specific renovation tasks at their homes.
Improvements in Job Market
Employment levels are increasing and with it, the disposable income is expected to move up. This means that now people have more money to spend on home renovations. It is also anticipated that per capita spending will increase by about 1.2 percent globally over the next 5 years, fueled by lower unemployment levels.
Right from the time pandemic struck, many people are working from home and as such, they have a lot more time to invest in home renovation work. Being at home, they are now more aware of renovation work that their home requires and with additional time in hand, people are completing those renovation tasks.
For instance, people are looking for more space and more room, finished basements, home gyms, home offices, a separate room for their kid’s online classes, etc. to better adapt to the reality of working or studying from home.
Expansion of Livable Space
Homeowners are also looking at expansion of livable space they have in the form of office space in the backyard if there isn’t enough space in the home, installation of a pool, etc.
Since there is a shift in the way people use their homes during and after the pandemic, with less amount of daily commute, the focus has shifted towards bringing about improvements that make the home a better place to live.
Reducing Energy Cost
More time at home has also resulted in higher energy bills. Thus, people are looking at home renovations that facilitate energy efficiency of their homes. Such measures include solar panel installation that helps in cutting down energy cost.
As we can see, the pandemic and the time after that has seen a considerable rise in home renovation projects due to varied reasons. If you are also looking for specific renovation work then you must utilize North Vancouver home renovation combos to achieve great savings.