Renovation boom continues amid coronavirus fallout
While a number of people moved home last year to find larger spaces, or opted for changes in trees and sea, the vast majority preferred to stay put and figure out how to best use this. that they had.
The costs of the move, along with stamp duty and agent fees, have caused many to decide that the money could be better spent on renovations, says Belinda Botzolis, senior real estate strategist at Metropole Property Strategists.
Then there were the grants that many states offered to homeowners during the pandemic.
âWe have just had the biggest year of renovations on record, but this will continue into the future,â she said. âIt has been so difficult to get traders to complete their work, so there will be high demand for them until 2022 as well.
âThe closures often slowed down momentum, but they made us realize how small our homes were and how much we really needed offices rather than study nooks, and we wanted kitchens with more space. indoor and outdoor space and entertainment. Instagram has helped, with all the pictures of houses we wish we had. And since we are still not going anywhere in 2022, we will continue to renovate.
Kitchens and bathrooms and changing flooring are still top of most renovators’ lists, but those lists just keep growing, according to renovation expert Werine Erasmus of The Happy Renovator.
âAfter that, people are looking to create home offices or spaces for working or studying from any free space in the house,â she said. âEveryone wants a place to be quiet and to work now, and the renovation trend is going to continue over and over again.
âThen if they have any money left, they want to build a patio and add lighting and smart features like custom garage doors. But we find that these are always secondary to kitchens, bathrooms and floors.
With the return of early buyers to the property market, many are now also joining the renovation obsession, albeit at a lower value level, Erasmus said. Many of them may have over-committed on large mortgages and therefore don’t have much money left to spend.
“So [they] are still doing renovations, but all DIY, âshe said. âThey’re going for the real budget options, but there’s still a lot they can accomplish. For example, instead of changing the floor of a concrete patio, the other day I put a stencil. It costs $ 30 and it looks amazing!
The elderly are also joining the fray, says Georgiev. With all the publicity about COVID-19 outbreaks in nursing homes and revelations of poor conditions, he’s seen many now renovating their homes and apartments to make them better able to stay longer.
âThey think, ‘Damn, I’m not going into one of these hellish holes,’â Mr Georgiev said. “So they decide instead to cobble together changes in their own house, such as a better layout, so that they can continue to live there.” We will see a lot of this in the future as well.