According to Forbes, an increasing number of people in the United States are opting to renovate an existing home instead of buying a new one. Apart from rising purchasing costs, the COVID-19 pandemic also prompted many homeowners to renovate their spaces to make them more livable and cozy.
“Working from home changed many mindsets, where homeowners now want to design their homes to their specific needs,” AhA Interiors founders Paulina Hospod and Albert Rutkowski told the publication.
The lower barrier to entry into home renovations is also no longer as daunting, according to Power Home Remodeling SVP Michael DiMartino. As he tells Forbes in the same interview, this approachability has enticed many people not only to fix up their homes but also to be creative.
“You get the chance to make detailed choices, cater to your wants and needs, and create a safe haven for your family. You get to make your home into what you want it to be,” DiMartino stated.
Renovations can also be costly, and making smart, practical decisions is essential for homeowners. Many experts advise doing work that not only requires fewer resources but will also increase home value.
According to Zillow home trends expert Amanda Pendleton, “low-lift projects” like installing a smart lighting system, for example, have an average national cost of $308. Meanwhile, it can boost a home’s value by 5%.
Fire pits are another excellent addition to a home that won’t break the bank. According to HomeAdvisor, the average price range for installing one is between $850 and $3,000, depending on the materials, size, and fuel type.
According to reports, the average ROI for fire pits is 56%, making it quite a sound investment.
Custom-built-ins, such as shelves or bookcases, not only declutter your home by increasing storage space but also increase home value by 2-5%. The national average cost is also affordable at $275 (excluding the shelving itself).
It’s likely why it has gained popularity among many homeowners, with a 32 percent year-over-year increase in installations.
