Residential Remodeling To Increase Through 2021
“The remodeling business has strengthened as homeowners focus on the importance of home for work and life amidst the pandemic and its consequences,” said NAHB (National Association of Home Builders) Chief Economist Robert Dietz.
In this blog we wanted to pay attention to a topic that we seldomly discuss and that’s national trends in remodeling. We’re focusing on homeowners nationally because 2020 changed our financial circumstances, how will be managing our careers and how we will be managing our families and homelife.
Move or Improve?
What the pandemic effectively did for tens of thousands of homeowners across the US was to make them take a long, careful, examination of their homes. And when they did, ask themselves this question: “Do I move or do I improve?” For a considerable amount of those homeowners the answer was “improve”.
As 2020 progressed and homeowners realized that improving their homes would be the smartest financial move and the one that would offer them the best piece of mind in terms of safety and security, the expansion of home remodeling projects became considerable. By the end of the 4th qtr in 2020, residential remodeling had increased nationally by 3.4% and in the DMV by over 5%- a huge increase in remodeling starts.
“In September (2020) we experienced our biggest increase in inquires and project proposals ever”, said Tim Birsin, COO of Glickman|Design Remodel Build.”
It is predicted that the remodeling expansion of the fourth quarter of 2020 will increase into 2021 with a national increase expected to be 4.1% and well above 5% in the DMV.
“Annual expenditures for renovation and repair of the owner-occupied housing stock are expected to rise from about $332 billion today to $337 billion by the latter half of 2021,” Abbe Will, associate project director in the Remodeling Futures Program at the center, told JCHS. “While a softening of growth is projected in 2021, recent strengthening of home prices and sales activity—including second home purchases—could provide further boosts to remodeling and repair next year.”
Making It Yours
Homeowners looking inward to enhance their lives has been at the heart of this residential remodeling boom. Here’s a list of the most common requests Glickman| Design Remodel Build has received for remodeling projects:
Many have come to the realization that their employment, for the foreseeable future, would originate from home. Therefore the home office addition that is private, separated, and quiet has been at the top of our list for home remodels.
The kitchen has always been the center for activity in the home. Now that families are entertaining a few select friends, those that are in the “bubble”, and additional space for separation is considered “safer”, expanding the kitchen area by enlarging its footprint is highly sought after.
Flex Space is one of the most creative ways to remodel your home. Work with one of our certified Glickman designers to explore how a new home office addition can change into a Great Room or explore any number of combinations that a new addition can offer.
We are now in an era where nursing homes are out, and in-law suites are in. Families are realizing that the safest option and perhaps the best way for the entire family to grow together is to have the grandparents living at the home in a separate, beautifully appointed living area; easy for the children to access and assist their parents, but also offering individual freedom.
–Master Bedroom Suite and Bath
The master bedroom/bath addition is the luxurious addition for the homeowner. This is their chance to create their “dream” bathroom, closets, changing area and resting space. It is private, personal and pampering.
Start your remodeling now.
Because of the increase in home remodeling, materials are in shorter supply and prices are increasing. This trend will continue through out 2021. If you’re considering a remodeling project we encourage you to reach out soon to Glickman|Design Remodel Build for the best pricing possible.
Glickman helps to Make It Yours
When you’re ready, our designers are eager to assist you in designing that spectacular new addition or remodel to your exact specifications. We’ve been helping homeowners, or new buyers, just like yourself in the DMV for over 40 years with creative design and premium quality construction.
Please contact us or call us at the numbers below.
Maryland: (301) 444-4663
Virginia: (703) 832-8159
Washington, DC: (202) 792-7320