The onslaught of the COVID-19 pandemic has had some impact on nearly everyone on the planet. For those who used to commute to a job every day there have been significant changes. A year ago, as of March 2021, most of us began consistently working from home. This abrupt change in our lifestyle entailed many adjustments to our regular, comfortable daily routines. In many cases, some of those changes to our old habits have, now a year later, become new routines that will stay in place. Other changes have had lasting impacts to our home environment.
When spending days on end at home, whether working, home schooling children, or just trying to stay healthy, it gives you an opportunity to look around at the place you work so hard to obtain and keep. During the pandemic, home improvement projects have gone through the roof (no pun intended).
According to a NerdWallet survey, as of August 2020, 61% of US homeowners took on home improvement projects since March 1, 2020. It seemed like the perfect time to start a home project since it seemed like everything, but home improvement stores, was closed and we had to spend countless hours staring at the wall that never got painted or the kitchen backsplash that was supposed to be re-done a year before.
Also, according to that same survey, (surprisingly) 80% of homeowners who undertook improvement projects actually stuck to their budget. The average homeowner spent $6,438 per project. And even more surprising, 75% said they paid for the projects from money they had set aside.
According to Realtor.com, home improvement upgrades can really add value to your home’s value. Historically you get the best return for your home improvement dollar in future resale value when upgrading the kitchen and bathrooms. So, if you’re reading this and looking around the room wondering why you didn’t tackle that project you meant to do last year, pick up your car keys and head to the home improvement store.
Jamie Brothers joined YHB Wealth Advisors as a Client Services Associate in July, 2018 with over 20 years’ experience in the wealth management and finance industry. Prior to becoming a member of the YHB Wealth team, Jamie held various high-level positions as the Client Service Coordinator for a national brokerage firm as well as Independent Registered Investment Advisors.