Canadian homeowners continue to feel the effects of COVID-19 and its restrictions when it comes to home renovations. About 40% of them say the restrictions have influenced their decisions to make changes to their home in the past year. Other factors that have contributed to an increase in home renovations included having extra money and spending more time at home.
This year will see an increase in high-end bathroom and kitchen renovations. The addition of more natural lighting and larger windows will improve indoor ventilation. Distinctive designs will also become popular in home design. These are just some of the trends to watch for in 2022. If you’re looking to renovate your home, these trends will have you excited.
Home renovations will also include outdoor spaces, which will be an increasing trend. The onset of a pandemic has led to less time spent outdoors, so many homeowners will be investing in outdoor home renovations in 2022. Outdoor areas include pools and outdoor kitchens. Backyards can also be updated with a pergola, where you can sit and enjoy the natural scenery.
Costs of materials
According to a new report by the Bureau of Labor Statistics, costs of materials used in home renovations will rise by up to 8% in 2022. This growth is expected to continue until mid-2022, although it is likely to taper off by late 2022. The rise in the cost of building materials is the largest since the government started tracking them in 1949.
The most common home renovations will cost between $15-75 per square foot, but this can vary depending on the scope of the work. Homeowners can take on simple tasks or hire contractors for more complex tasks. While some renovations are more expensive than others, they will increase the value of the home. For example, a kitchen remodel is one of the most popular and desirable updates in the near future.
Timing of renovations
While it may not seem like the best time to renovate a home, now may be a good time. Housing prices are falling, and people are choosing to renovate instead of buying a new home. However, you never know when housing prices will go down again. Also, if you sell your house, you can’t be sure that you’ll be able to find a comparable home.
In 2022, new home construction costs will continue to rise, and the average person will be less able to qualify for financing. This will decrease buyer purchasing power and reduce home sales. The rise in interest rates will also reduce the affordability of new construction, so home renovations will become more popular. The cost of renovations will also increase by 29% in 2022 compared to the same period in 2020 and 2019. Inflation, interest rates, and building materials prices are expected to rise, which will continue to drive up costs.
Impact on home’s value
Home improvement projects have a large impact on the value of a home. However, some renovations can actually decrease its value. These include wallpapering, using bold colors, combining bedrooms, and bad landscaping. These mistakes may affect the home’s marketability and detract from the appeal of a home. For these reasons, it is important to plan your home improvements carefully. Real estate agents can advise you on the most appropriate home improvements.
Major home renovation projects are often expensive and overwhelming. It is important to determine if the rewards will justify the effort. By knowing which renovations are likely to increase a home’s value, you will be able to choose which ones are the most cost-effective.