We've been home. A lot. Many of us have been thinking about doing updates and renovations for a while, but with our homes quickly becoming our offices, classrooms and gyms the time to make these changes is right now. Whether you are making small updates or doing complete remodels, people are using this time take action on what were once "wish list items" and making them realities.
Home projects have been on the rise these past months for sure and they don't seem to be slowing down. With interest rates at historic lows, there is no better time than the present!
The Star Tribune conducted a reader survey in June with 619 respondents exploring how the pandemic is impacting homelife in Minnesota. Specifically how working from home and spending more time at home in general is encouraging Minnesotans to make home improvements. We wanted to share some of these results. Where do you fall on this list?
Working from home
As part of Minnesota's "Stay Safe Order" if it is possible for you to do your job at home, you are required to do so. According to their survey, 47% of respondents are currently working from home. Before the pandemic, 36% worked from home.
Those working from home expected to be doing so for a while. When asked when they expected to go back to the office:
- 20% expect to return to the office before September
- 19% expect to return this fall
- 16% do not expect to return until December or later
- 35% do not expect to return at all
With so many people spending so much time at home, it is not surprising that many are considering home improvements. 49% of respondents will update their home to some degree. Here are the areas the survey found these updates would be made.
- Adding a home office (3% have made/2% will make)
- Major renovation (2% have made/5% will make)
- Purchasing new furniture (6%have made/14% will make)
- Major landscaping (concrete, patio, etc) (8% have made/15% will make)
- Minor landscaping (plants/shrubs, outdoor furniture, etc.) (28% have made/43% will make)
- Minor update (23% have made/44% will make)
They also asked the readers since the pandemic began if they were more likely to consider moving into a new home all together. 3% were more or slightly more ready to move all together. Here are their reasons why:
- Suburban area (3%)
- No longer need to be close to work (10%)
- Close to the city (10%)
- Larger yard (14%)
- Rural area (16%)
- Large home with more space (22%)
- Other (66%)
Whatever you plan on doing, the current interest rates are at historic lows (lowest in 50 years) and now is the time to make those improvements or purchase that new home. Maybe even that lake home you have always dreamed of! We Minnesotans have weathered a lot in 2020 so far. When life gives us lemons, we make lemonade! We are here for you for whatever you need.