More time at home during the COVID pandemic has spurred interest in home remodeling. Updating existing homes is also getting a boost from low interest rates, a slowdown in new home construction and more reliance on existing housing that requires update and repair.
What’s leading the list among home improvements?
Flooring, paneling, and ceiling-tile improvement projects are the most popular among renovating homeowners, according to the Joint Center for Housing Studies (JCH) of Harvard University.
Other popular remodeling projects include:
- Plumbing Fixtures
- Built-in Appliances (dishwashers and garbage disposals)
- Windows and Doors
- Water Heaters
- Landscaping and sprinkler systems
- Central heating and air
- Electrical wiring, fuse and breaker boxes
Overall, spending on home improvements averaged $8,305 in 2020 – up $745 from 2019, HomeAdvisor reports. A poll of 5,000 Americans revealed that homeowners are funding improvements in part with money spent pre-pandemic on travel, dining out, entertainment and commuting. The outlook for 2021 shows that the home improvement trend will continue to gain momentum.
Spending in the U.S. has grown more than 50% since 2010, when the market hit a low during the last recession. Homeowners older than 55 years old are primarily driving the trend, the JCH reports.
Under the experienced leadership of Matt Garrett, Garrett Construction and Roofing has been serving the East Tennessee area since 2005. We are a licensed General Contractor and our general services range from full residential and commercial construction projects to remodeling, painting, drywall, roofing and gutters. We also help with disaster recovery with experienced teams available to address fire and water damage.
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