The real estate market hasn’t halted during the COVID-19 pandemic. In fact, buyers have been surging to the market and most properties are receiving about 2-5 offers during this competitive real estate hot streak.
Since the start of the coronavirus pandemic, homeowners have been expediting renovation projects. According to HomeLight’s Q3 survey, 76% of agents report that since the pandemic began, home remodeling has been on the rise, while almost 70% expect renovation activity to continue at its current rate or gain momentum through the next few months.
If you want your home to be competitive in the market, you might want to consider doing the same. But don’t waste your time on projects that aren’t deeply important to buyers right now. Remember, as the world changes due to the coronavirus pandemic, so do the top needs of your potential buyers!
Work-from-home and school-from-home renovation projects
There’s nothing quite like attempting to work from home while your child’s elementary class Zooms together on the same kitchen table. For parents with school-aged children, the need for more space is one of the most motivational factors inciting renovation projects. Homeowners are specifically reorienting their housing preferences around remote work and remote school.
One of the best renovation projects right now is turning a spare bedroom into a home office. In fact, 39% of real estate agents dub the need for one or more home offices as a top reason people are relocating.
When asked to weigh in on the top motivation causing homeowners to remodel right now, 27% of realtors noted the need to make their home more suitable for work-from-home and school-from home environments.
If you’ve got the space, turn your spare bedroom into a nice office space or build an alcove off the kitchen where your children can set up for school. Not only will this create a better work environment for yourself and your children, but home offices generally receive about 87% return on investment when it comes time to sell.
Make your home a sanctuary and retreat from the world
According to HomeLight’s survey, 30% of all top agents dubbed the desire to transform homes into a sanctuary and retreat from the world as the top motivation for renovation projects. This makes sense in a world where kitchens are taking the place of restaurants and backyards are subbing for parks.
Outdoor spaces — like patios, balconies, and al fresco seating areas — are being prioritized right now. About 22% of real estate agents dealing with homebuyers with higher price ranges claim the most important amenities they’re looking for include private amenities like pools, gyms, and outdoor rec space.
If you’re on a tight budget, big renovation projects like adding a pool or gym might not be right for you, as both have only a 51% return on investment. However, a simple initiative to clean up your backyard or create a private patio space will still get your home plenty of attention from buyers when it comes time to sell.