Page 45 - BusinessWest May 26, 2020
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 Kitchens
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Meanwhile, Levine credits HGTV shows with increasing the awareness of LVT flooring. “The vinyl plank is now common knowledge thanks to them.”
Loughlin said the Frank Webb showroom carries several kitchen sink styles that appear on HGTV because customers often have a vision that is influenced by the network. While help- ful most of the time, however, these shows can also contribute to outland- ish and unrealistic expectations.
“Some people think they can redo
foot bathroom with a whirlpool tub, they are opting to lose the whirlpool and reduce the overall size of the bathroom.”
Instead, he said, customers are spending their money in the kitchen or a sunroom, where they spend far more of their time.
In the spirit of simplicity and a clean look, Lloyd said the recent trend of glass cabinet doors is on its way out because “people like to put things away and not have to keep looking at them.”
“The idea of living space is changing, where people will give up a bedroom for a luxury bathroom with better lighting, better shower, and more storage in the cabinetry.”
their house in 30 minutes; it just doesn’t work that way,” she said. “It’s not unusual for the timeframe to sur- prise people, especially now, when hiring a contractors is more difficult because they are all so busy.”
While new trends emerge in kitch- ens and bathrooms, older ones are meeting their demise. In new homes, Keiter noted, people still want bath- rooms that are upscale and functional, but use less space.
“Real estate is so expensive now, some people are reassessing where they want to spend their money,” he said. “Instead of a 250 square-
Home
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ment for home-improvement projects is savings (66%), while their second source of payment is credit cards (30%). Of those who plan to use a cred- it card to pay for home improvements, 43% expect it to take six months or lon- ger to pay off their project charges. One
“We’ve all been waiting not to just get out, but
to put our plans into action.”
in five (21%) admit they don’t know how long it will take to pay off their charges.
“After a year of stay-at-home orders, it makes sense that consumers are rethinking their home needs. But just as important, they should also be strategizing how they’re going to pay for those renovations,” Nelson added. “Right now, we’re in a low-interest-
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He also noted that counter space for wine bars is starting to give way
to dedicated cabinetry to house an emerging trend: coffee bars. “Wine was big for a while, but coffee has become bigger of late.”
Though tastes may differ, kitchen and bath professionals all agree that customers these days have plenty of options.
“Manufacturers are expanding
their product lines to accommodate many different tastes and needs,” said Loughlin, giving people the opportuni- ty to follow their vision or create their own style. u
rate environment, which works well for those who seek out an installment loan. Compared to using credit cards — which, on average, run over 18% APR — the low fixed rates and fixed terms of a personal loan, cash-out refi- nance, or mortgage refinance are really attractive. Homeowners using a credit card to pay for their improvements could end up spending a lot more in the long run.
“We’ve all been waiting not to
just get out, but to put our plans into action,” Nelson continued. “Everyone has an idea on how to better adapt our home to the needs we discovered under quarantine. Just make sure that the projects you take on don’t take you down a long, expensive repayment path.”
More information about the Light- Stream 2021 Home Improvement Survey and financing can be found
at lightstream.com/annual-home- improvement. u
This article was written by Truist Financial Corp. LightStream is Truist’s national online lending division.
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