By Karen L. Edwards, RCS Editor.
According to a recent Modernize survey of more than 5,000 homeowners, 76 percent of respondents will not travel this holiday season. More than half (55 percent) indicated they plan to invest in home improvement projects. The survey found that the homeowners planned to spend the following amounts:
41% plan to spend less than $1,000
31% plan to spend between $1,001 and $5,000
16% plan to spend between $5,001 and $10,000
6% plan to spend between $10,001 and $15,000
5% plan to spend more than $15,000
At RoofersCoffeeShop® (RCS), we are hearing that many of our contractors are busier than ever. Experts say that because so many homeowners have spent so much time in their homes, with the need to use their living spaces differently than ever before, home improvement projects are on the rise.
NPR interviewed Max Anderson, the chief economist at Porch.com who said we are seeing all-time highs in spending. “In terms of like measured history in the United States, this is the, the highest levels of, of home improvement spending we've ever seen,” Anderson told NPR.
In their survey, Porch.com found similar results, with 76 percent indicating that they had completed a renovation project since the start of the pandemic or that they have one lined up. Sixty-four percent of those surveyed said they completed an exterior renovation.
The number of new homes being constructed since the start of the pandemic is up this year too according to the National Association of Home Builders; however, shortages in materials and increased pricing for lumber has added $16,000 to the average price of a new home.
Homeowners may turn to exterior renovation projects such as new windows, siding, gutters or roofs because they are more comfortable to be able to keep a social distance between themselves and the workers. These projects deliver a high return on investment for the homeowner as well, with Forbes reporting that windows, siding and roof replacement all made the top 10 list.
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