According to a report from the National Association of Home Builders (NAHB), Washington, D.C., based on a survey conducted by the organization, the demand from homeowners for remodeling work is increasing significantly.
While there are still some lasting supply-side challenges, confidence in the remodeling market continues to grow, according to the report, and although the market pulled back quite a bit at the beginning of the pandemic, remodeling activity has “quickly roared back.”
In fact, according to the NAHB, the pandemic is playing a significant role in the resurgence of remodeling. For example, the NAHB survey revealed that 17% of remodelers directly attributed the pandemic as accounting for at least one-quarter of their projects in 2020.
The survey found that the most common homeowner motivation for remodeling projects is the desire for better amenities. Second is a need to repair or replace older components, and third is a desire or need for more space.
The survey showed bathrooms and kitchens continued to top the list of the most common remodeling projects. Among all projects, 74% were primarily bathrooms and 67% were for kitchens.
In addition, according to the survey, as a result of both new home prices and interest rates rising, many consumers who had considered buying new homes have decided to make improvements to their current homes instead. Aging-in-place and universal design projects are also becoming increasingly popular among older homeowners, which is another reason people are continuing to stay in their current homes.
The survey results were released in conjunction with the start of May, which is National Home Remodeling Month. The month-long initiative highlights the various advantages of working with professional remodelers.