Ah, Valentine's Day -- a time to overspend at restaurants, buy a cheesy card your partner will likely throw away after a day, and bust your budget on flowers, candy, or whatever items your significant other has come to expect. While not everyone buys into the Valentine's Day hype, it's easy to get sucked into it -- especially this year, when so many people's lives have been upended during the pandemic.
But one home improvement retailer is giving couples an alternative to the usual overpriced three-course meal. Lowe's (NYSE: LOW) is holding a contest to invite 50 couples to come to its stores in select markets on the night of Feb. 14 for "A Night of Lowemance" (cue the eye rolls). Those who win will enjoy a painting experience that will allow them to express their love on a blank canvas. Those who don't win, however, can still tune into an at-home experience on Feb. 13.
A strategic move for Lowe's
During the pandemic, home improvements have really taken off, what with people being stuck at home and having time on their hands to tackle renovations. Lowe's, like other home improvement stores, has been able to capitalize on this trend. Its stock price is up roughly $54 a share from where it was a year ago.
By getting people into its stores and staying on consumers' radar during Valentine's Day, Lowe's may inspire more couples to talk about the renovations they want to make -- and take action by purchasing supplies.
Furthermore, given that mortgage rates continue to sit near record lows, now's a time when buyers are clamoring to purchase homes. Those who close in time for Valentine's Day may opt to skip the traditional hoopla and instead spend their money on renovations.
Should you give your partner the gift of renovations this year?
Your spouse or partner may be anticipating a bouquet of roses this Valentine's Day, or perhaps some jewelry. But you might consider giving the gift of renovations instead. Making improvements is a good way to add resale value to your home, provided you choose ones likely to deliver a solid return on investment. And even if you're not making any near-term plans to sell your home, your renovations could pay off once you're eventually ready to find a buyer.
Meanwhile, if you're in the business of flipping homes, you may be making even more trips to Lowe's than usual. House-flipping profits recently reached a 20-year high, so now's a good time to get moving on renovations -- so you can list your home while the market's still hot.
The Millionacres bottom line
Of course, if you can't get away with skipping the usual Valentine's Day traditions, you may have to spring for those flowers and chocolates after all. But it still pays to think about renovations that could add solid value to your home. In fact, you may want to discuss your home improvement goals over that fancy dinner -- whether you enjoy it in a restaurant or in the comfort of your own dining room.