Pandemic continues to boost interest in home improvement projects

The pandemic has transformed the way we live, work, and spend money. If you have purchased interior paint for your home, new flooring or worked with a remodeler recently, you are not alone. Homeowners have shifted their spending from entertainment and travel to home improvement projects, according to HomeAdvisor’s latest “State of Home Spending” survey.

HomeAdvisor conducts a survey every year of homeowners across the U.S. who have completed projects within the last 12 months. The survey revealed that homeowners spent an average of $13,138 on home-improvement projects in 2020, compared to $9,081 in 2019.

Rising costs for material and labor are contributing factors to the increase in spending. Increased home buying is also a factor, primarily driven by millennials, the oldest of whom are now at or close to the median age of firsttime home buyers, according to the National Association of Home Builders.

Home maintenance projects, such as cleaning and landscaping, saw the biggest year-over-year increase, rising from $1,105 in 2019 to $3,192 in 2020. Contributing factors include people using their homes more, resulting in more wear and tear, and spending more time at home, making problems more noticeable.

Home improvement and home emergency spending rose $745 and $124, respectively, over 2019. The top home improvement projects included interior painting projects, bathroom remodels and new flooring installations. Respondents to HomeAdvisor’s survey indicated that interior painting projects would remain the top project leading into 2021 — a departure from prior years, in which room remodels generally held the top spot.

According to the report, “painting was one of the most popular projects across nearly all age groups, because it is relatively affordable and offers a lot of visual value in terms of the look and feel of a room.” Pantone, the global color authority, and provider of professional color language standards for the design community announced that there were two colors of the year for 2021– Ultimate Gray and Illuminating, a warm shade of yellow that is bright and cheerful.

The report also examined the way that homeowners are using their homes in the wake of COVID-19. Seven in 10 respondents indicated that COVID19 had increased their need for home cooking, 50 percent were working from home and 40 percent were incorporating more home entertaining.

If you are ready to remodel your home or office, purchase new appliances, add an inground pool or paint the interior or exterior of your home, please visit www.sabuilders.com to find a member who can bring your dreams to life!