Needless to say, you may be spending more time cooped up at home and may have noticed areas needing attention such as outdated flooring in a bathroom, or the kitchen remodel you’ve secretly been longing for. Being comfortable in your surroundings can contribute positively to your mental health.
According to HGTV, the average full kitchen remodel takes from 3-5 months to complete. Home renovations tend to offer more twists and turns than a cheap garden hose. Having a remodel plan in place will help ease the stress once your project is underway.
According to Bankrate, the average 30 year fixed rate home mortgage is at a record low of just below 3%. Borrowers can find HELOC (Home Equity Line of Credit) rates at 3.25%. With restaurants and entertainment venues shut down in many states, you may have extra money to fund a home renovation. If you have your debt under control, this could be a great time to add to the value of your home.
During the pandemic, home improvement demand has surged. Many children have returned to their parent’s homes, and families are finding they need more room. Home Depot (HD) has seen a 23.4% increase in second quarter 2020 sales, compared to the previous year. Increasing demand may lead to delays in products and services, as well as higher prices.
A downside to remodeling during a pandemic is potential exposure to the virus from a construction crew. Allowing workers into your home may be a bigger risk than you are willing to take right now. Regardless of when you choose to remodel your home, it is a big commitment. Even if you choose to opt out on a remodel right now, you can still use your downtime to plan your next project.