We are witnessing a new trend where a large percentage of home owners in North Vancouver are investing heavily in home renovations work. Let us explore reasons behind this new trend, which we are witnessing in recent times.
An Urge to Create an Enjoyable Space
Pandemic forced us to stay indoors and most people wanted their home to function like an enjoyable space, which helps them stay active, enjoy life, and feel comfortable. People realized that there was a need to reconfigure or update outdoor as well as indoor spaces to create a more conducive environment for work, schooling, exercises, and similar other activities.
With this goal in mind people have started investing in home renovations such as inclusion of a home gym, pool, spa, and the sauna. The growth in this trend can be judged from the fact that there has been an annual increase of about fifty-eight percent in home renovation tasks.
Other home renovations that are experiencing double demand include outdoor renovation work such as landscaping, patio, deck installation, and fence installation, highlighting greater interest among homeowners to spend quality time outdoors.
Bathroom and kitchen renovations are always popular, but these renovations have also experienced increase in demand by about forty percent compared to last year. Due to pandemic, a higher percentage of people are preparing their own food and kitchen is truly becoming a focal point of family life. This explains why there is a growing interest in kitchen renovation projects among homeowners.
A Desire to Build Up Home Value
Pandemic meant that people were not able to go out and dine, go on a vacation, or do other outdoor activities. People are deciding to put those savings into renovations to add more value into their houses, so that the house works like an investment. Moreover, working from home, they are getting more time to invest in such home renovation tasks.
Focus on Completing Deferred Projects
Many people were apprehensive about allowing contractors to enter their home during the pandemic. Now, when the situation has improved significantly, people are showing greater interest in completing renovation projects that they had kept on hold.
Increase in House Prices
House prices are increasing at an incredible rate, making it difficult and unattractive option for many to purchase a new home. Instead, people are investing in their existing home through renovations to make it a better place to live. As home values are rising sharply, people are getting the opportunity to tap into equity in their home and those funds are being utilized for home renovation work. Moreover, in such housing market conditions, sellers are showing greater interest in maintaining their property in good shape so that they get good value for the house. To accomplish this goal, sellers are investing in renovation projects that increase value of their home.
Lastly, due to higher prices of new homes and shrinking housing market, people are showing more interest in purchasing old houses and renovating those houses to match their living standards.
From above details it is clear that home renovations have become a trend that will continue in the near future. If you are planning home renovations then you should get in touch with us since as professional renovators we have required experience and expertise to guide you in the right direction.