Home renovation projects were high on homeowners’ priority lists during the early days of the COVID-19 pandemic. Throughout much of 2020, people across the globe were forced to spend much of their time at home as leaders and governments across the globe sought to prevent the spread of COVID-19. More time at home compelled millions of homeowners to invest more in their properties, thus sparking a renovation boom.
By early 2023, the renovation boom that marked the initial days of the pandemic appeared to have burst. In May 2023, the popular home improvement retailer Home Depot reported its sales had fallen by 4.5 percent in the first quarter of the year and that its income had fallen by more than 6 percent from the same period a year earlier. That marked the end of what Home Depot CEO Ted Decker characterized as “a three-year period of unprecedented growth” in the home improvement sector.
Home Depot’s decline in sales was attributed to a number of factors, including a pivot among homeowners from large projects to smaller renovations. Inflation and the looming threat of a recession have led many homeowners to emphasize smaller projects. With that in mind, the following are some small renovations that can have a big impact.
Storage addition: Regardless of where storage is added, be it the kitchen or a home office or a laundry room, extra space to keep items out of view can dramatically alter the look of a home. Unused kitchen walls can be transformed with some inexpensive, easily hanged shelves, while some laundry pedestals with storage drawers can help keep washrooms clear of clutter.
Polish floors: Elbow grease might be the biggest expenditure when cleaning hardwood floors. The wood flooring experts at Bona® advise homeowners to polish their floors once every two to four months depending on how much foot traffic the floors get. A fresh polishing can make floors look brand new and ensures dirt and dust are not hanging around as uninvited houseguests.
Paint: Painting is another inexpensive option for budget-conscious homeowners who want to update their homes. There’s no shortage of places in a home, both inside and out, where a fresh coat of paint can make a statement without breaking the bank. Fading paint on bedroom walls and kitchen cabinets can be painted over with a fresh coat of the same color or even something more vibrant. Outside, apply a fresh coat to a wooden deck or paint over brick siding to create a whole new look.
Molding: Crown molding can add a touch of elegance to any room. Rooms can be transformed in a single weekend with the installation of new or replacement crown molding. A simple molding installation is a task many do-it-yourselfers can handle on their own, while homeowners with less DIY experience may benefit from hiring a contractor to create a layered molding look.
Homeowners are pivoting away from costly renovations to more budget-conscious projects. Various less expensive undertakings can transform spaces at a fraction of the cost of more extensive renovations.
