Why Has Home Improvement Become So Popular?

Over the past few years, DIY home improvements have steadily increased, with a huge jump from 2019 to present. With sales in the home improvement industry continuing to grow as they have, the home improvement market is expected to peak to a new height of over $400 billion by the end of 2022.

Why has home improvement become so popular?

Cost

The over-all cost of doing a home remodel is far less than purchasing a new home. Home renovations can be done on a room-to-room basis, moving at your own pace. This means your budget can flow with what your needs are as you move through each project.

Personal Touch

Renovating your existing home gives you the option to meet your personal expectations and wants. It can be more cost effective for you to do renovations and upgrades in the areas you feel best fit your families needs as compared to buying a new home that may have a few features you love but not all.

Increasing Space

If your family has grown in size or you are feeling overcrowded, a room expansion or the addition of a bedroom or great room may be the best option to give your family room to spread out.

Energy Efficiency

Exterior home improvements can save you money on your monthly energy costs.

Replacing windows, doors and siding can better insulate your home. Coatings on replacement windows can also cut down on the amount of solar heat coming through windows into your home.

Fixing A Safety Issue

Some home renovations are a necessity that cannot be put off. A leaking roof, outdated electrical or plumbing are problems that need to be dealt with in a timely manner to keep you and your family safe and to avoid catastrophic damage or loss.

Comfort and Wellness Design

The home improvement market has been heavily influenced by consumer preferences aligned with a wellness environment. Homeowners today are interested in features that match their lifestyle habits and create a calm space. Hot tubs, home gym rooms, zen gardens, bamboo and cork flooring and more have all become increasingly popular home renovation projects.

Updating the home’s style, improving the value of the home and preparing a home for sale are also reasons why the home improvement trend continues to gain popularity.

With today’s rates, many homeowners are currently taking advantage of cash-out refinance options to help fund their home renovation projects. If you have questions about what your options may be, please contact me so we can explore what will work best for you.