There’s been a lot of talk about the changing real estate market since COVID-19 hit. You’ve likely heard of these trends and, as a homeowner, have been paying close attention. People in the industry went from fearing a steep decline in home sales to being overwhelmed with demand and a shortage of inventory. Homebuilders saw increased interest in demand for new homes as interest rates dropped and things seemed quite uncertain.
A year into the pandemic—although thankfully now at its tail end—the housing market continues to portray some very interesting behavior. Despite high costs of materials and suffered job losses, homes continue to fly off the lots and folks continue to search for the home that tugs at their heartstrings. This has led many homeowners to consider selling their home, while increased time spent indoors, has led homeowners to search for better ways to improve their home and increase its value.
So What are the Popular Home Remodels in 2021?
As homeowners lingered at home, working from their kitchen tables, teaching their kids from the living room couch, having movie nights at home, they began to wonder about how to make the home more functional for a changed way of life. And while people’s lives will return to some semblance of normalcy, home designers have seen some changing trends reflect these realities. For example, according to Marketwatch, some of the changing trends include:
A shift away from solely open floor plans
Open floor plans are still popular and the desire for shared spaces continues to some degree, but there is a demand now for dedicated spaces, such as home offices, wall additions that add privacy to a room, etc. This is to accommodate the rising trend of working from home and distanced learning.
A little more outdoor livin’
Being cooped up led homeowners to wonder how they could make better use of their outdoor space. Interest in home gardens, flower beds, landscaping, patios, fire pits, and other outside accommodations increased during the past year. Installing decks, patios, and outside spaces was a way for homeowners to open up their homes to the outdoors and improve comfort.
Kitchen or bathroom upgrade
These are the renovations that never go out of style, as kitchens and bathrooms are always the most popular renovation projects for homeowners. Whether it is minor renovations or full-scale remodeling, adding cabinet space, kitchen islands, or reworking the kitchen layout is always a good way to invest back into your home.
Southwestern-Style Remodels — Make the Most out of Your Living Space
Here, at Villa Custom Home, we specialize in Southwestern-style homes, particularly rammed earth homes. We are accustomed to and specialize in using more earthy materials and energy-efficient designs that allow for maximizing the Southern New Mexico climate, using natural lighting, rammed earth building material, and drawing from traditional Pueblo-style architectural design to enhance the property.
Building techniques in this part of the country are different and utilize different principles than many traditional home builders. A Southwestern-style home will often have asymmetrical floor plans, for example, as it accommodates and curves with the land. Many Pueblo-revival-style homes also have a slight preference for modular spaces and high ceilings.
Popular remodels and home additions for Southwest design include:
- Adding tile and brick floors
- Covered and semi-covered outdoor spaces
- Building outdoor living spaces including fire pits, porches, and more
Does Remodeling My Home Make Financial Sense?
This all depends on the purpose of the remodel and the kind of remodel. In most cases, a remodeling project always has some financial benefit (although a homeowner might not see it until a few years down the road when they sell the home.) According to a National Association of Realtors report from 2019, homeowners say the most important reason for remodeling is functionality and livability.
So it very much depends on a few questions:
- Are the remodels with the intent of selling the home?
- Are the remodels aimed to better accommodate your lifestyle?
- Does the remodel have the intention to beautify the house for a future sale?
As we’ve discussed, materials for home building such as lumber are rising. This makes people question whether it is time to remodel. Home renovations, however, can be an option to increase your resale value and prepare for getting the most bang for your buck.
Considering the Return on Investment (ROI)
Return on Investment on home renovations can vary and will depend on various factors. With the active market and hot seller’s market that seems to be the case in a lot of parts of the country, it’s quite possible you’ll get more ROI than is usual.
As Realtor.com estimates, home prices will remain relatively high, at about 5.7% above 2020 levels, and accelerating at the end of the year. According to the U.S. census information, there were 863,000 new houses sold in April of 2021 with 316,000 new homes for sale. The demand for homes is there and homebuyers seem to be willing to go into bidding wars over some of the inventory.
Thinking about Renovations or Remodeling? Make the Right Move with Villa Custom Homes
As a custom home builder, we know all about remodeling to people’s likes and tastes. Whether you are going for something uniquely Southwestern or a renovation that blends in perfectly with your home. Villa Custom Homes knows how to build it right.
Interested in a home remodel or home renovation? Call Villa Custom Homes today and learn about the kind of work we can do for your home!