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Home Improvement Spending Spree

Home Improvement Spending Spree

More home time equals more home improvement projects.

Homeowners are on a roll spending on home services and improvements. According to “The State of Home Spending: 2020” HomeAdvisor report, the main reason for home improvement was “lifestyle needs.” The average household spent $13,138 on home services in 2020, up from $9,081 in 2019. This is year will be no exception to the increased spending.

Many factors have come into play for why homeowners are spending money and improving on their domiciles. First and foremost, pushing the surge of projects was the pandemic which forced everyone to stay at home. Living spaces needed to be updated and adapted for full-time multi-purposes. Spending time at home allowed homeowners to take notice of needed repairs and maintenance. Being home now made it is easier to oversee home projects. The skyrocketing California housing costs led baby boomers to retrofit their homes to accommodate aging-in-place rather than downsizing to another home. Record low mortgage interest rates facilitated the financing for many home improvements. Additionally, the money surplus leftover from travel, vacation, entertainment and dining out, was spent on home and yard indulgences.

The unprecedented stay-at-home culture created a wave of living space conversation. Ingenious space solutions, new products and services emerged. Fixing up your home has become a necessary trend.

The home improvement boom

March 19 marks the day in 2020 when the State of California issued its Stay-at-Home Order. Some bans have been lifted and residents are receiving vaccines. However, all signs point to home isolation continuing throughout 2021. So, get ready for home improvement spending to grow. Prepare for increased projects and profits. Thank your lucky stars that you are in a growing industry and your services are in high demand.

Kathy Latus