The strength of the current housing market—combined with continued working and schooling from home for many—is sparking an increase in home improvements and repairs. Whether you’re planning to sell your home or adapting it to better suit your family’s needs and tastes, the time is ripe for remodeling.
According to a recent report, the “Leading Indicator of Remodeling Activity” (LIRA), released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, annual gains in spending for improvements and repairs to owner-occupied homes are expected to increase slightly this year, from 3.5 percent at the close of 2020 to 3.8 percent by year-end 2021.
The LIRA provides a short-term outlook of national home improvement and repair spending to owner-occupied homes. As Chris Herbert, managing director of the Joint Center for Housing Studies says, “The remodeling market continues to benefit from a strong housing market. In addition to routine replacement and repair projects, homeowners are likely to pursue more and larger discretionary home improvements this year as the broader economy recovers.”
The most popular improvements on the docket this year for homeowners include projects that make life more efficient and enjoyable, such as:
Updating the kitchen. While a full kitchen remodel may not be within your budget, you can still modernize your kitchen by replacing the floors or backsplash. Painting kitchen cabinets is an inexpensive way to give your kitchen a design refresh, or invest in a new appliance or two to instantly improve functionality and add value.
Adding a deck or patio. More attention is being given to outdoor living space than ever before. Extend your family’s living area by installing decking or creating a spacious patio. Outfit your new outdoor space with comfortable patio furniture, a fire pit, water feature, kitchen set-up and more.
Creating an exercise space. Many have taken their exercise routines out of the gym and into the home, so carving out a functional, designated space to work out is a popular home-improvement trend this year. Whether it’s a corner of the basement or unused space in your garage, designing an area specifically for fitness is an on-point trend.