Page 44 - BusinessWest May 26, 2020

Survey Says
TAhe Pandemic Changed How We Understand ‘Home’
fter a year in which working from Addressing House Frustrations wish they had more personal space. Plans to home began to feel like living at work, The LightStream survey reports that 91% of undertake 2021 projects, particularly to improve America has undergone a profound at-home working and learning spaces, are more
shift in its understanding of ‘home,’ driving respondents say a lack of space in their home common among three-generation households
homeowners to want more space, new uses, and a better environment to nurture positive changes that evolved during lockdown. They also want to address design, condition, and space frustrations they felt while spending uninterrupted time indoors.
According to the 8th annual LightStream Home Improvement Trends Survey, nearly half (47%) of U.S. homeowners say they are utiliz- ing their space differently since the onset of the pandemic. And more than two-thirds (69%) say spending more time at home has made them eager to upgrade.
“Before the pandemic, ‘home’ was a home base for launching activities. Under stay-at-home orders, it became the only place, for everything,” said Todd Nelson, senior vice president of Strate- gic Partnerships at LightStream. “Our 2021 sur- vey shows many Americans spent time thinking creatively about what they want and need from their homes. Many are now ready to invest in improvements, remodels, and repairs. However, in the rush to renovate, it’s not only important
to plan project outcomes, it’s critical to have a smart financial strategy in place to pay for it all.”
became a big frustration during the COVID-19 experience.
Younger homeowners in particular say they wish they had more room (63% of Gen Z, 71% of Millennials, 64% of Gen X, but only 47% of Boomers). As a result, 12% of those with home-improvement plans for 2021
are including a home addition, while
14% are planning a basement or attic remodel.
As spaces are being reimagined, the most popular projects homeowners plan to spend money on in 2021 include kitchen remodels (38%), outdoor improvements (35%), bathroom remod- els (32%) and home repair/technology upgrades (30%).
There are many reasons why space
utilization has become so important. The Light- Stream survey uncovered that 12% of U.S. home- owners say the number of children or adults in their home has increased during the pandemic due to COVID-19 safety (35%), health reasons (20%), or other changes. As a result, over half (56%) of those newly expanded households have renovation plans for 2021. Not surprisingly, 72% of homeowners whose households have grown
and traditional parent-child households (44% in both cases) than in homeowners without chil- dren (34%).
“Many are now ready to invest in improvements, remodels, and repairs. However, in the rush to renovate, it’s not only important to plan project outcomes, it’s critical to have a smart financial strategy in place to pay for it all.
”
Paying for Home Improvements
While the pandemic has driven consumers to move home improvements forward, some, in their urgency, may be setting themselves up for costly financial mistakes.
Surveyed home- owners said their top source of pay-
Home
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HOME IMPROVEMENT
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