2020 was a unique year that tested a lot of individuals and families. The Covid-19 pandemic led to unprecedented supply shortages a drastic decrease in spending, which led to the economic downturn that we are still experiencing today. However, in late 2021 there was a glimmer of hope that suggests owners of single-family homes and other residential properties are investing in residential construction and renovations yet again.
Mortgage News Daily recently reported a slight increase in residential construction spending year-over-year, up 9.3% from November 2020. This report suggests that homeowners feel more confident with the current economic climate, taking advantage of low-interest rates and investing in their homes through renovation and construction projects.
The uptick in construction and renovation spending could be a direct response to low interest and mortgage rates, which are expected to climb again at some point in 2021. Many homeowners recognize that if they plan to sell their home, investing in renovations now could save them money later on and increase property values.
The increase in residential construction spending begs the question: What home renovation projects are easiest to achieve while supply chain disruption persists, and how will they increase property values? While lumber, appliances, furniture, and windows and doors are in short supply, some home renovation options are more accessible for homeowners to come by.
Home Painting & Stucco
Paint has not been drastically impacted by supply chain issues and demand, making this home renovation project one of the more feasible options for homeowners.
Interior and exterior paint jobs change the look and feel of your home overnight, are affordable, can be done in an eco-friendly manner, and don’t take much time to complete. Best of all, home painting is one of the quickest ways to give your home a facelift and increase curb appeal when it comes time to sell.
Not too long ago, many homeowners considered solar installation an unattainable option. In reality, solar panel installation is a cost-effective home renovation. It allows current and future homeowners the chance to drastically decrease monthly energy costs and invest back into the environment.
With so many California residents emphasizing the importance of reducing their carbon footprint, there’s no better way to increase property value and give back to the environment than with solar panels. While the initial cost of solar may seem overwhelming, the payoff is insurmountable. Many homeowners who have gone solar have seen energy bills nearly disappear after solar installation.
For more information about real estate forecasts for 2022 and ways to keep your home value high, schedule a consultation with our financing specialist Rotem Levy at https://calendly.com/rotemlevy or give him a call directly at (818) 213 -1438.
Posted January 24, 2022
by Treeium Inc..