While some home sellers may have toughed the storm that was the COVID-19 pandemic and pushed forward with their selling endeavours in 2020, many instead chose to hold off. Yet, instead of simply waiting, these home sellers decided to prepare themselves for the future and took on hefty renovation projects.
Not without reason either, as the ever-adapting real estate market saw home buyer needs shifting drastically. Homes were now doubling as office spaces, parks, and restaurants, so naturally buyers were ranking certain home aspects above others. For instance, office spaces, updated kitchens, and outdoor spaces were now much more coveted than location alone.
Yet, while certain renovation projects will surely continue into the new year, some may start to slowly fizzle out. Keep reading to see what renovation projects may fade away just as most of us wish the COVID-19 pandemic will soon do as well.
Renovation projects expected to fizzle out
In simple terms, it all comes down to return on investment. Adding a new luxurious amenity to your property - like installing a new pool or sauna - may sound like a sure investment at the start, however these projects may be impossible to recover from financially if you don't have enough savings.
At the beginning of the pandemic, many top renovation projects included (1) installing a pool, hot tub or sauna, (2) creating a home gym, (3) adding an extra room or structure to the yard, and (4) converting existing rooms into a home office. However, real estate agents believe it will be very difficult and perhaps impossible to recoup from these projects financially.
Especially during an uncertain economy, it's very important to consider the cost of individual renovations before embarking on any grand renovation plans. While these projects may pay off in the long run, you don't want to embark on any project you can't handle financially - especially now that costs for materials and labor has increased thanks to the pandemic.
Renovations projects that are here to stay
Think of your home as a gourmet restaurant come dinnertime and a vacation space whenever you're off the clock. Perspective homebuyers want it all.
According to HomeLight's Q4 survey, homebuyers are especially keen to see kitchen islands, walk-in pantries, and plenty of drawer and cabinet space in their kitchens. Outside, while realtors still emphasize the importance of curb appeal when trying to secure a sale, their buyers are searching for features like fire pits, privacy, and outdoor kitchens. Basically, buyers are now searching for entertainment space both inside and out.
Outdoor renovations seem to bring lasting appeal to many buyers, and homeowners are continuing to build out and revamp their decks and patios to take advantage of the safety open air provides. A professional opinion is always important when it comes to any renovation project, however, so if you're thinking of updating your outdoor space, contact the experts at Silver Lining Socializing today for a consultation.