Home improvement is booming. We look at the trends in this new reno renaissance.

Thanks to COVID-19 lockdowns the home reno industry is booming like never before, with the housebound eager to give their abodes a fresh face. We look at the trends and tech shaping the renovation renaissance and how they can benefit you.

Healthcare isn’t the only industry that has been in the spotlight since COVID-19 emerged; the home renovations industry has boomed like never before. Being locked down forced us to see our homes in a different light, and it appears many people weren’t happy with what they found.

The global surge in renovating and home improvements has led to shortages in building products and tradespeople worldwide and has caused a sharp hike in prices. In Australia, research group IBISworld predicts that renovations are expected to increase building industry revenues by 11 per cent during 2020-21 to more than A$65 billion, with the Housing Industry Association stating that work done on renovations is the highest on record and this is expected to remain elevated in 2021.

In New Zealand, Registered Master Builders Association Vice President, Johnny Calley says the record boom in home renovations is also driven by land shortage. “There are few opportunities to purchase new land and develop new homes,” he says. “Equally, we are facing an increase in the price of our existing housing stock. People are now turning to renovating their current houses and bringing them up to a new standard. It provides better value for investment, particularly when taking into account the capital gain growth.”

James Hardie CEO, Jack Truong says of the renovation boom: “More people working from home and more time spent at home during COVID-19 has driven a greater consumer desire to want to upgrade their homes and improve their living arrangements. They realise that home is truly their sanctuary that can provide them with pride and joy beyond just a living space. This behaviour is similar with that in the US and Western Europe.”

RIGHT TIME FOR RENO?

For those planning a renovation, should you wait until the boom passes? Perhaps not, unless you are happy to wait a while. With more people now working from home, low interest rates, and growing interest in cheaper homes requiring work, as well as a desire for more usable space in the home, the boom seems to be going nowhere fast.

For those planning a home renovation, Calley says: “It is important to be proactive and work with your building partner from design through to completion. They can advise you on what products are hard to procure and order them well in advance to avoid delays. In general, renovators need to be aware there is high demand and accept that timeframes are going to be longer.”

Truong adds: “All imported products are being affected. Even products like pine are experiencing shortages. This is because manufacturers can’t keep up with demand. They were forced to reduce the staffing levels during lockdowns, and now have to increase them again. Timber is facing the greatest shortage today. This is impacting new construction and the speed of completions. To an extent, this will help drive activity towards renovations where timber is not used

RESHAPE YOUR LIFE HOMES

“IT’S IMPORTANT TO MANAGE YOUR BUDGET AND BE CLEAR ON HOW MUCH YOU WANT TO SPEND.”

FAYE PEARSON-GREEN

as much. Framing timber is also hit by shortage and light gauge steel could be an alternative.”

With many new renovators in the market, NZ House of the Year judge and architectural designer Faye Pearson-Green says preparation and due diligence is key. “It’s important to manage your budget and be clear on how much you want to spend. Make sure you receive a detailed estimation once the design phase is finished and you fully understand what is included and what has not been allowed for.

“Be realistic and have a contingency fund, especially if you are renovating an old home; things never cost less than anticipated. This is very important in the current environment – with increased pressure on building supplies and sub-trades, delays are inevitable, delays cost money. You need to expect that not everything will go to plan.” Pearson-Green also recommends that you consider how long you are going to live in the home.

“The renovations you make when your family is young might not be appropriate when they are older. Your toddlers might want to stay close, but by the time they are teenagers, they will want their own space. Make sure to listen to the professionals you have tasked with making over your property. When you have lived somewhere for a number of years and have clear wants, it might be hard to take ideas from others. But these people can often help you develop a better design to suit your needs.”

When it comes to home renovation trends, greater comfort, refreshed aesthetics and improved functionality top the list. Bathroom updates are one of the most popular renovations, with home owners looking beyond basic function. Freestanding baths, rain showers and skylights are turning bathrooms into retreats, with styles moving beyond the standard white tile to create something of an oasis. Spending more time at home also comes with greater costs, like energy, so renovators are also looking at green solutions such as solar panels and insulation to reduce these costs.

In regards to design trends, Pearson-Green says despite shortages, timber is a current hit with renovators. “I’m excited to see timber returning to the inside of our homes. Timber ceilings and feature walls set different moods depending on the depth, darkness or species. It continues a nod to the mid-last century.”

A ‘modern and designer’ look is popular with a large percentage of renovators, says Cathleya Buchanan, James Hardie Marketing Director. “With blocks and backyards getting smaller, the style of the modern home is now focused on form and function. Current design trends include modern looks, such as Scandi Barn and Box Modern.” Scandi Barn features include a steeply pitched roof, exterior cladding and often dark-coloured exterior. The Box Modern house uses multiple box shapes and cantilevered upper storeys with pared-back lines.

“With families having spent a lot of time at home during the lockdowns, they are now taking the opportunity to re-examine how they live,” says Pearson-Green.

“People are wanting to redo their kitchens, bathrooms and ensuites. Those who are spending more time at home wish to make their home environments pleasant spaces to be in. Many have also come to the conclusion that their homes are too small and that they need more spaces to retreat to. With more people working from home, the need for a home office has also returned, particularly one with a view. People want restful studies with a nice outlook to enhance the times isolated in a home working environment.”