Chris Craiker, Architex Angle: How the 2021 renovation will replace the new residential building | Home & Garden Columnists
According to LIRA (leading indicator for remodeling activity), Harvard Research predicts slower growth in 2021, but increases by 2% every quarter. The remodeling industry has doubled in 10 years. While new home sales are strong, they are still out of reach for many younger households
Of course, every region is different. Tremendous amounts of fire replacement and earthquake repairs were still going on in the North Bay. Small repairs and fundamental improvements to an item, such as B. New floors go a different way than larger projects that require multiple technicians and skilled workers. With multitasking renovations, the schedules and construction costs increase.
At the same time, building materials have exploded and the supply lines have come to a standstill. Wood has exploded by 55-63% in some areas. The construction schedules have telescoped 20%. A project that should have lasted four months takes five months or more.
What the market is still anxiously looking for is whether COVID-19 will permanently affect our spending habits.
An important milestone in determining whether the remodeling is narrative is the age of the most recent renovation. As a rule, the life expectancy of a renovation is 16 to 20 years. As the finishes and sustainability disappear, the desire to keep up with the latest looks, materials and finishes begins to wear off. The appetite to renovate their homes is greater in younger households who have more media knowledge and are aware of the latest trends.