Interest rates down, remodeling up
Record low interest rates are expected to continue generating increased activity in both new home building and remodeling into 2021, according to market forecasts. Remodeling in particular will predictably benefit from such programs as cash-out refinancing and home equity lines of credit.
Homeworks Construction president and chief administrative officer Marshall Hickox, a past president of the Building Industry Association of Hawaii, notes that, additionally, the pandemic is a factor in the growth of the remodeling market.
“More people are spending more time at home, many now working from home, and recognizing the need to upgrade their living environment. They are becoming more aware of areas that need improvement and ready to tackle projects they may have been putting off for years,” Hickox says.
“When it comes to improving an existing home we are typically being asked about adding additional space for multi-generational living, an office or study space, or perhaps even an attached accessory dwelling unit to get some extra income. While in the home, many times we are also asked to change out the existing windows and doors, replace flooring, update the kitchen and baths, paint the interior and exterior, or open up a room to make the house feel bigger and have a better flow. A formal estimate and work schedule will usually be needed in order to secure financing.
“We are also estimating costs for replacement of older homes throughout Oahu neighborhoods, where we have completed new custom homes and major remodels over the past year. Extensive remodeling of a Waialae Iki home (pictured here), built in the early 1970s, was just wrapped up in time for the family to move in before the holidays. Major structural work was done on the interior to open up the kitchen to the main living area. Walls and ceilings were refinished and new flooring and windows added. The entire house was repainted inside and out.”
Established over two decades ago as a design-build firm, Homeworks provides “all design and construction services under one roof,” the company slogan. With approximately 1,000 new custom homes and remodels completed throughout Oahu over the years, Homeworks is known for its experience and proficiency in virtually every type of residential construction, from new custom rebuilds in urban neighborhoods to oceanside residences and vintage remodels. Additions, multigenerational homes, and accessory dwelling units also are specialties.
Homeworks Construction has been chosen as one of Hawaii’s “Best Construction Companies” in the annualHonolulu Star-Advertiser “Hawaii’s Best” awards program for three consecutive years. The company was named “Builder of the Year” by the Building Industry Association of Hawaii and received multiple awards in the BIA’s annual design and construction awards programs. The National Association of Home Builders has designated the company a “Built Green Professional” and “Aging in Place Specialist.”
Homeworks offers free private consultation at its offices at 2111 S. Beretania St. by appointment (call 955–2777). View Homeworks award-winning projects at homeworkshawaii.com.
ADDRESS 2111 S. Beretania St., Honolulu