Interest Rates Are Shaping a Year of Home Renovations
Why now is the perfect time to invest in a home renovation.
With many homeowners enjoying the benefits of record-low mortgage rates from just a few years ago, moving or buying new is a less popular choice. Rates remain significantly higher than what we experienced in 2020 and 2021, and home improvement projects are anticipated to be a top priority in the months and years to come. Investments in personalized renovations, sustainability projects, additions, and ADU’s top the list for local homeowners. Homeworks Construction, a Hawaii builder for more than 30 years, share why some projects just make sense right now.
Photo: Courtesy of Homeworks Construction
According to the most recent census data, one in five adults in Hawaii is 65 years of age or older. The State of Hawaii’s Department of Business and Economic Development (DBEDT) report, The Elderly Population in Hawaii: Current Living Circumstances and Housing Options, states that we will see a rapid increase in the population aged 85 and over, predicting that one in four in Hawaii will be 85 and over by 2040. Homeworks Construction President, Marshall Hickox, explains how this trend is impacting home investment decisions. “Younger and older homeowners alike are renovating to age-in-place, share housing costs, and maintain close family ties,” explains Hickox.
Photo: Courtesy of Homeworks Construction
Adding an Accessory Dwelling Unit or ADU, also known as an Ohana Unit, offers privacy, financial opportunity, and versatility. “An ADU can benefit adults with mobility issues, placing everything they need on one floor. It also keeps family members within reach while maintaining privacy and independence for all family members,” explains Hickox. These improvements add value, improve quality of life, and reduce your cost-of-living with the potential to share living costs.
Compared with finding and financing a new home to “check all the boxes,” this is a far more feasible plan. Buying a new home is all-or-nothing, but renovations can be made over time. “We are seeing more strategic and staggered renovations in 2024, and this approach is something we expect to see for years to come,” said Hickox. Kitchen renovations, additional bathrooms, and enhanced outdoor spaces bring a big return on investment in Hawaii. “Personalized, multifunctional upgrades are here to stay and are part of, ‘forever home planning.’ More homeowners are adapting floor plans to add storage, build a home office/gym, extra closet/office, and junior suites with spacious en-suite bathrooms,” shared Hickox.
Photo: Courtesy of Homeworks Construction
Energy prices continue to rise and energy-efficient upgrades offer homeowners one of the biggest opportunities for investment in 2024. “As a company, we are invested in the environment and are seeing a lot of commitment from homeowners who want to upgrade their homes utilizing sustainable practices and materials,” noted Hickox. By investing in energy-efficient appliances, solar, and recycling building materials homeowners can add value, reduce environmental impact, and benefit from significant long-term utility savings.
The time to renovate is now. By focusing on multigenerational living, flexible spaces, energy efficiency and personalization, homeowners can make changes that are personally and financially beneficial. “We are excited to guide homeowners through the renovation process in a way that is satisfying and transformative. You can build the home that you want one step at a time,” affirmed Hickox. Homeworks Construction was voted Best Builder by Hawaii Home + Remodeling Magazine Readers in 2023 and 2024. The company has also been recognized by the Better Business Bureau for outstanding ethics.
Photo: Courtesy of Homeworks Construction
For more information on remodeling, additions, or the home construction process, contact Homeworks Construction at (808) 955-2777 or via email at mrh@homeworkshawaii.com. Head to their website homeworkshawaii.com or visit Homeworks’ Honolulu office at 2111 S. Beretania St.
For more helpful insights on navigating the challenges of the renovation process, check out Homeworks Construction’s recent article, Should I Stay or Should I Go Now?
