Home renovation

New research sheds light on 6 factors to consider

Looking back on the experience of the COVID pandemic, it’s no surprise that homeowners are approaching home renovations with enthusiasm. Being stuck within the same four walls of one’s home — working, eating, sleeping, teaching, entertaining and trying to maintain some semblance of sanity — has consistently, for two years, made post-pandemic pursuits a breath of fresh air. .

It’s a different story for the professionals who help homeowners design, plan, and ultimately put the hammer to the nails and the mortar between the bricks. Their black cloud has not dissipated. Some of the effects of the pandemic – particularly supply chain disruptions that have resulted in backlogs of building materials, appliances and electronics needed for contemporary living – are still part of every project estimate. . Unfortunately, some supply chain management experts believe this will be a challenge for the next decade. Additionally, “The Great Resignation”, where millions of workers decided they would rather do something else, is also still a factor in the construction industry.

In order to put the future into perspective for the two owners, who are ready to improve their residenceand the professionals who will be hired to carry out these renovations, Houzz magazine has commissioned the 2022 Houzz and Home Study. The results present a roadmap for renovations.

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First consideration: renovations at their highest in four years

Despite long wait times, supply shortages and fewer workers, the owners did not seem discouraged in their quest for a updated house, sweet home. According to the Houzz study, “More than half of homeowners (55%) renovated in 2021, compared to 53% in 2020 and 54% in 2019 and 2018. Activity has not slowed, suggesting that costs and prices have no impact on the decision to renovate.

Most of these projects were for single-family homes, but the trend to building for rent also impacted renovation expenditure.

Since renovation business responds to the same laws of supply and demand as other businesses, this will likely result in higher costs and longer waits for homeowners.

Second factor at work: budgets are higher

The study highlighted important news for budget-conscious homeowners. “More than half of homeowners (55%) plan to renovate in 2022, and half (46%) plan to decorate. And they’re increasing the budget to do it. Probably given the price volatility of the past couple of years or so, homeowners’ expected spending on home improvement projects rose for the first time since 2018. And that’s a huge increase to boot: the median was 10 $000 over the past three years and is now $15,000, a jump of 50%.

The “Reno-beginners,” buyers who have recently purchased a home tend to exceed their budget more often than short-term or long-term owners. The study notes three reasons for the overruns: “Products or services were more expensive than expected, projects were more complex than expected, and unexpected issues arose that needed to be resolved.”

Consideration Three: Projects Take Longer

This clock heard on renovation sites is costing someone money. In the end, owners will put up with it. This study highlighted that from planning to completion, renovation projects took an average of nine months in 2021. For renovations of interior partsthe planning phase was almost twice as long as the construction phase.

The kitchen renovation took the longest. “Planning a kitchen renovation took an average of 8.6 months, while construction took 4.9 months. The construction works for the bathrooms and other interior rooms took one month less on average.

Fourth factor: strong demand for the renovation of interior rooms

The kitchen continues to be the most popular room to modernize and the price of a kitchen jumped 25% in 2021, according to the Houzz study. However, price increases for four other interior rooms jumped even higher: “guest bathrooms (38% increase), laundry rooms (33%), living rooms (33%) and bed and breakfasts (28%).

“Even spending on master bathroom renovations has increased by almost 13% in 2021 among the 22% of homeowners who are renovating this space. And the median spend for this space is higher than in the previous four years. »

Renovation of an interior room.  Split photo of work in progress versus finished product

Fifth factor: safety is paramount

These wildly popular doorbell cameras are a sign of post-pandemic times. This report notes that homeowners invest to feel safe in their homes; they spent 25% more on home security systems in 2021 than in 2020. Outdoor security systems are now three times more popular than they were in 2015; they are now the second most frequently installed exterior enhancement, with 17% choosing them, behind lighting (22%).

Working from home meant a constant stream of deliveries – from mission-critical documents to that new, more ergonomic office chair – and that had a security aspect to it, too. The Box Gobbler Delivery System from MB Sentinel, and available from Acme Brick, has become a must-have for remote workers.

Sixth trend: hire a pro

The overwhelming majority of homeowners who wanted a better space decided NOT to do it themselves. According to this study, “nearly 9 in 10 homeowners (89%) relied on professional help with renovations and upgrades in 2021. Specialist service providers were the most frequently hired type of professionals; almost half of renovators hired these professionals without the help of a construction manager. Among the 49% of renovation homeowners who provided this type of assistance, the three most popular types of specialized service professionals were electricians (38%), air conditioning and heating specialists (37%) and plumbers (35%). »

General contractors are the most popular renovation experts. “Of the 38% of owners who hired construction professionals in 2021, 72% hired general contractors – by far the most popular construction group. And 30% of renovators hired builders, 18% hired kitchen or bathroom remodelers, and 8% hired design-build companies.

Renovation is smart

Renovating a home can be a smart alternative to entering the high-stakes and fiercely competitive home-buying market. With the help of professional designers and builders, homeowners can transform an outdated structure into something more. sustainableand thus save on utilities, or a house that can accommodate several generations under a roof.

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