Renovation Trends Shaping the Real Estate Market in the Wake of COVID-19
A lot has changed since COVID-19 first entered our shores. Face masks are now used as fashion statements, coughing in public is as taboo as forgetting to wear pants, and Zoom meetings have become the epitome of social interaction.
Like everything else, the real estate market also drastically changed during the pandemic. While home prices are extremely high in today’s market, keep these trends in mind during your renovations in order to sell for the best possible price.
Front porches are back in style
Unsurprisingly, nationwide stay-at-home orders and lockdown restrictions shed some light on the importance of outdoor living. Those trapped in small apartments realized that a private outdoor space was no longer a want for their future home, but a need.
Thus, front porches are trending back in style thanks to COVID-19, and there are plenty of ways to give your front porch a modern twist with contemporary seating, decor, and lights.
In fact, while front porches served as a nice architectural detail pre-pandemic, the value has certainly increased after the pandemic. According to HomeLight’s Top Agent Insights for New Year 2022, top real estate agents estimated that the dollar amount a front porch adds to a property increase by 61% — from $3,526 to $5,686.
Home offices rank high on most buyer wish lists
As companies were forced to send non-essential employees home, many found remote work to work well with their busy schedules. Employers listened to the demand, and now more people in the country are working out of their home offices than ever before.
It’ll come as no surprise, then, that real estate agents have claimed that an office is at the top of their clients’ wish lists.
It’s easy to transform an extra bedroom into a home office. The real challenge comes when you don’t have a spare room, however, a good working area doesn’t need much. Simply find a spare corner of your home that’s not being used to its fullest potential. So long as it can fit a desk, it’ll work.
A built-in work space would also appeal to many potential buyers, so talk to a trusted architect today to consider your options.
Complete outdoor living ranks high in the housing market
If you want to sell quickly and profitably in today’s market, your outdoor area will need to impress. If you have the budget for some serious renovation, the outdoor fireplace is the most desired exterior amenity in today’s market.
Not to be confused with the more casual fire pit, the outdoor fireplace is normally a stone or brick structure built into the exterior foundation, and homeowners with this amenities claim the best way to wind down any day is by kicking your toes up next to the crackling fire.
Back in March of 2020, owners could expect an outdoor fireplace to add $3,337 in value to their home. Now, the outdoor fireplace has increased by an average of 72%. If your property resides in a warmer region, expect your outdoor fireplace to go for much more. For example, the Pacific region of the country saw a dramatic increase of 123% in the value of outdoor fireplaces since March of 2020 — from $4,254 to $9,497.
While building costs for an outdoor fireplace can add up, there’s no denying any home with one will have buyers knocking down the door the minute a ‘For Sale’ sign is staked in the lawn.