Remodeling Rebounds

Many homeowners are remodeling in order to increase energy efficiency, while others capitalized on tax credits for new appliances and other energy saving improvements. Yet another reason Americans are remodeling is to add space for live-in relatives such as grown children or aging parents. Remodeling skyrocketed during the Coronavirus pandemic, as some people following stay-at-home orders caught up on long-desired projects and others added dedicated work-at-home space. By early 2023, home supply retailers such as Lowe’s were reporting declining interest in do-it-yourself home improvement projects, as many homeowners’ needs were fully met during the Coronavirus pandemic period of 2020-2022.

Important Trends in Remodeling, including Coronavirus Effects

= Many cost-conscious consumers are in do-it-yourself (DIY) mode. In particular, younger homeowners are keen on DIY. One interesting result is that the short-term rental of construction tools and equipment has grown.

= There is a growing focus on green, energy-efficient remodeling projects.

= There is a boom in adding dedicated work-at-home space.

= Federal and state government incentives, such as tax credits, fuel investments in home solar projects, weather stripping, insulation and energy-efficient appliances and windows.

= As America’s Baby Boomers age, investments in remodeling for easier access for seniors will boom. Features such as wider doors for wheelchair access, firm handholds in bathrooms and better kitchen accessibility will be a focus. “Universal Design,” a concept that focuses on ease of use by residents of limited physical ability, will grow.

Source: Plunkett Research, Ltd.

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