Ongoing remodeling surge
Record low interest rates are expected to continue generating increased activity in both new home building and remodeling into 2022, according to market forecasts. Remodeling in particular will benefit from such programs as cash-out refinancing and home equity lines of credit. Growth in improvement and repair expenditures to owner-occupied homes is expected to remain solid into 2022, according to the Leading Indicator of Remodeling Activity.
Marshall Hickox, a past president of the Building Industry Association of Hawaii and president and chief administrative officer of Homeworks Construction, which specializes in whole house remodeling as well as design and construction of new homes, 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.
“Typically, we may be contacted to estimate opening up rooms to make the house feel bigger or have a better flow, a room addition, deck (see below), or perhaps even an attached accessory dwelling unit to expand living space or serve as a home office. A formal estimate and 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 over the past year in areas ranging from Diamond Head (see top right) to Kahala to the North Shore (see center photo). Many of these projects have involved demolition of a family-owned home and increasing the living areas to accommodate multigenerational living. If the property includes sufficient space and meets ADU guidelines, we may build a detached accessory dwelling unit as a rental which will serve to generate additional income for the owner.”
Established over two decades ago as a design-build firm, Homeworks provides “all design and construction services under one roof,” the company slogan. With more than 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 ocean side 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 Honolulu Star-Advertiser’s “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 consultation at the proposed job site as well as at its offices at 2111 S. Beretania St. by appointment. Call 808-955–2777.
View Homeworks’ award-winning projects at homeworkshawaii.com.
ADDRESS 2111 S. Beretania St., Honolulu