Renovation and remodeling during the pandemic
Homeowners and families were involved in a wide array of renovation and remodeling projects in the past year, according to the National Association of Realtors (NAR) and the National Association of the Remodeling Industry (NARI)
The 2022 Remodeling Impact Report, released today by the NAR and NARI, analyzes a number of home improvement aspects, including why people decide to remodel, the general costs of specific remodeling tasks, and the fulfillment experienced after a project was completed.
“Our study revealed that homeowners tend to undertake a remodeling project for any number of reasons,” said Jessica Lautz, vice president of demographics and behavioral insights at the NAR. “In some instances, homeowners were content with sprucing up a room with a simple paint job, while in other cases, families decided to take on the task of renovating an entire attic or basement to add additional living space to their home.”
Americans spent about $420 billion on home remodeling and improvement projects in 2020, according to the report. And 90% of NARI members pointed to a greater demand for contracting remodeling work during the pandemic. Nearly three out of five NARI members, or roughly 60%, said projects increased in scale or they remodeled more than one room during the pandemic.
“This report is the first one to measure the impact of the pandemic on the price and relative value of various remodeling projects,” said Chris Egner, president of NARI. “We are glad that NARI members, who are among the most experienced remodelers, could provide realistic estimates of remodeling costs in line with the criteria specified in the survey.”
While 83% of consumers said that they would have remodeled regardless of the pandemic, 86% reported that remodeling one area of their home then inspired them to remodel other areas of the house.
About 35% of homeowners said the single most important result from their remodel was better functionality and livability. After finishing a remodeling project, 22% said they had durable and long-lasting results, materials, and appliances. Nearly 14% reported beauty and aesthetics as a result of their remodel.
“The pandemic has changed the way we use our homes, and many of those changes are here to stay,” said Lautz. “As a result, homeowners needed to reconfigure or remodel how they use their home and maximize space.”
Over a third of owners (35%) hired a professional for their entire project, while 28% reported that they hired someone for the labor but purchased the necessary materials. When it came to DIY, 25% of homeowners did the full project themselves, from start to finish.
Leading the way in regard to satisfaction once a project was completed included painting a home’s entire interior, painting one room, adding a home office, hardwood floor refinishing, closet renovation, insulation upgrades, and kitchen upgrades.
For more details and information, read the full 2022 Remodeling Impact Report.