Since the beginning of the Covid-19 outbreak and continuous shifting in restrictions, many have had to pivot their daily routine. Certain home renovations reflect these changes. The renovation shift comes from being out and about to in and at home. Thus renovations reflecting a more inviting home is needed. Work has navigated from an office in the city to Zoom meetings at a kitchen table. As a result, renovating an at-home office space is needed. Physical activity in gyms and at school is relocated to backyards and patios. Renovations for more yard space and better patios were performed. Many have made a huge shift from the hustle and bustle of daily commutes to moving from the living room to the kitchen and the bedroom.
These changes have also caused a shift in home renovation trends. People are no longer looking to renovate for resale. They are renovating to make their home more livable. Here is what Re/Max has discovered in the real estate market regarding home renovations.
Renovating to Hold
Nearly 60% of Canadians renovated their homes, intending to keep and not sell. 29% renovated to enhance lifestyle and another 29% for safety and maintenance. Only 16% of Canadians renovated with intentions to sell within 1-3 years. Some renovated with non-essential reasons such as recreational inspired projects and hobbies. The majority of the outcome from this study by Re/Max resulted from the Corona Virus pandemic forcing people to stay at home more.
With all the renovating taking place, many still state that regardless of their time spent at home, they know it will increase their return on investment (ROI). As a result, the renovations are justifiable. 59% of Canadians realize there will be a larger return when they do decide to sell. With the current desire to hold instead of sell, the world of real estate still sees a low inventory and high demand from buyers looking for more space.
What are People Renovating?
Some renovations are larger than others. 55% stated they have will or already have made big home renovations to their space. Others keep it simple with a fresh coat of paint. There has been a major trend for fresh paint and landscaping. They are two simple and low-budget renovations that can make a big difference. A larger factor seen by brokers states that kitchen renovations were both a desire of homeowners and a sought-after perk for those looking to buy.
What are Others Buying?
Those looking to buy have a different taste depending on the region. In Western Canada, many buyers are seeking homes that are already renovated and ready to move into. Towards the Ontario region, buyers are paying for homes regardless of their current state. If they have to renovate to make it livable, so be it. Many are looking into larger outdoor spacing alongside spacious living areas such as kitchens and tv rooms. In Atlantic Canada, buyers are seeking renovated kitchens and oddly are pivoting towards fresh floors as well. In Saint John, fully renovated basements with larger spacing is a major consideration when people are looking to buy.
If you are looking to upgrade your home, Team Logue has many resources available. Whether you are looking to buy or make it more liveable, we can do it. We have many resources such as interior designers, virtual renovation assistance, and guidance if you are looking to make the most of your selling price.