It’s no secret that 2020 has not been the greatest year. Life as we know it has drastically changed and many of our normal activities have been put on hold. However, one thing that hasn’t changed is the desire to update your home’s outdated kitchen or bathroom. Although it may seem like 2020 isn’t the year to take on this kind of project, it may actually be the best time to do it and here’s why.
More Time on Your Hands
Many leisure activities such as concerts, vacations, weddings, movie theaters, etc. are either harder to access or have been completely cancelled. This means you may have a lot more time on your hands and money in your pocket. A great way to spend this new-found time and money is by planning your kitchen/bathroom renovation to achieve the home of your dreams! This will keep your mind occupied and have you feeling more hopeful and optimistic for the future.
More Time Spent in Your Home
Although things are slowly coming back to normal, we will all probably be spending significantly more time in our homes for the foreseeable future. If you are spending your time looking at everything in your home that you don’t like and want to update it, now is the time! The non-functional quirks and outdated features were probably not a big deal before, but if the four walls of your home are all that you see all day every day with no escape, this can start to become a problem. You should be spending your life living in a home that you love, not one that you tolerate. Start planning your kitchen and bathroom renovations now while the issues are still fresh in your mind!
The Real Estate Market is Bouncing Back
For obvious reasons, the real estate market took a big hit from the pandemic. However, according to Norada, “in just the second quarter [of 2020] alone, the housing demand went from being down 41% to up 40% year-over-year. That's a quick and huge bounce back even seen before in the housing market.” In addition, 15 and 30-year mortgage interest rates are continuing to decline. According to Bankrate, as of August 12th, the 15-year mortgage rate was 2.59% which is 0.06% lower than the previous week. Whether you are looking to buy or sell (unless you’re a first-time home buyer), updating your kitchen and bathrooms will help increase the value of your home and increase the likelihood that someone will buy it. Also, with these low interest rates, more and more people are jumping on the opportunity to acquire these low rates before they start to go back up. Therefore, if you are planning on selling your home, now would be a good time to renovate and get your house on the market!
We know that everyone’s circumstances right now are different and doing a home renovation just may not be in the cards for everyone. However, if you are able to afford this investment and have been wanting to renovate your home for a long time, then 2020 should be the year to do it! If you want more information on how we can help you achieve the home of your dreams, contact us today to schedule an appointment with one of our kitchen designers!