Across the nation, more homeowners are embracing the “Forever Renovation,” a continuous cycle of upgrading, adapting, improving and reimagining their homes over time. Real estate expert Philip A. Raices discussed several trends that are driving this transformation in the renovation industry.
The biggest reason for the driving change is economic; millions of homeowners have locked in mortgage rates between 2% and 4%.
For many families, moving would mean substantially higher monthly payments and higher insurance costs. As a result, homeowners are increasingly choosing to improve their forever home rather than enter the current housing market.
Raices also noted that the pandemic permanently changed how people view their homes. The home evolved to be multifunctional for work and primary entertainment, including an at-home office, gym and multi-generational living spaces.
