Fortunately, the days of sheltering at Home have passed, but all of those extra hours in the house have clearly influenced the way we see Home. According to a recent survey by Porch.com, more than three-quarters of all U.S. homeowners said they completed a Home improvement project during the pandemic. Walk through your neighborhood on any given day and you’ll see power tools, furniture delivery trucks, and new landscaping projects. Homes everywhere are being transformed, inside and out.
We were forced to use our Homes in different ways. Living rooms, kitchens, and bedrooms were no longer enough. We suddenly needed our Homes to be offices, classrooms, movie theaters, and gyms all at the same time. Since we were saving some extra money (except when we bought way too much toilet paper) by not going out, we saw the opportunity to complete Home improvement projects. I wanted to increase my living space and extend it outdoors after spending so many long hours cooped up inside. With the addition of a hot tub, an outdoor kitchen, new fencing, and improved landscaping, my backyard became my little summer oasis. And when that project ended, I immediately bounced to the next. It became addictive in a way, and I suppose it is just another part of the big reset that the pandemic has brought upon us.
As you probably know, Home values are soaring, and the Denver metro area is experiencing a more robust seller’s market than ever before. Seeing the increasing value of my Home only inspires me to make more updates, especially those on the higher-end. And the current market makes me confident that I will see a high return on my investments.
If you are considering making updates above $1000, I strongly encourage you to share your plans with us as your partners in real estate. Not all upgrades are created equal in terms of resale value – some are only for your enjoyment and will not yield a return on your investment. Together, we can make a sensible plan to improve your quality of living and your Home’s value. I would also encourage you to review the annual Cost Vs Value Report as you begin to brainstorm for your next project.