The Future Of Remodeling The New Homeowners And Trends Changing The Way We Look At Design
December 22, 2018
Remodeling contractors have a lot to look forward to these next few decades. Why?
Just take a look at the American housing market and its latest trends. You have Millennials wanting more than ever to become homeowners. You have individuals considering the benefits of renting a house over renting an apartment. Certain areas of the country are even enjoying a steady influx of new visitors, slowly but surely transforming into hotspots that will only get hotter. It’s time to stop deliberating and buckle down, as remodeling contractors are starting to spread out and cover every inch of the country.
Here’s what you should know about home remodeling today and what it means for your unique approach to the design build.
The Growth Of Home Improvement
What’s a huge contributor to all the remodeling projects cropping up? Look no further than home improvement. Today spending on home improvement products in the United States sits at $300 billion. According to the U.S. Census Bureau, over 30% of remodeling activity was adding major additions or slight alterations. Another 40% was devoted to simple touch-ups and consultations. Home remodeling contractors need to be flexible, addressing each job as a case-by-case basis than a one-size-fits-all.
Popular Projects For Today’s Homeowners
It helps to know where the winds are blowing so you can adjust your marketing strategy accordingly. The Joint Center For Housing Studies at Harvard University estimated Americans will spend a record $350 billion on home remodeling once 2018 comes to a close. The most popular areas of the home to tweak and adjust on the fly is the master bathroom, though the kitchen follows behind at a close second. The average midrange bathroom remodel costs a little under $20,000, while an upscale remodel can cost $60,000 or more. While this trend has remained consistent, others have changed significantly.
Changing Homeowning Trends In America
It’s not just Baby Boomers investing in home remodeling. Millennials are catching up with a vengeance to claim their spot as the next wave of homeowners. A 2017 U.S. Houzz and Home Study found Millennials to be nearly 8% more invested in their homes over the past few years. Baby Boomers and older homeowners, however, continue to spend three times more on average. Consider these statistics when looking at other remodeling companies as you go forward. You might be surprised at what a change in your approach can do for business.
Important Legal Notes For New Construction
It’s important to adhere closely to state laws when working Portland home remodeling. While some jobs are more simple, others may require heavy construction that can potentially conflict with local law. In order to qualify as a finished living space, for example, a new basement must meet legal egress requirements for a safe escape or rescue of a person during an emergency. An office building also requires different codes than a home. It never hurts to reach out to a professional and double-check so you’re in the clear.
The Future Of Remodeling In America
Statistics are rising higher and higher by the minute. The projected total sales of home improvement retailers in the United States over the next year is expected to hit $400 billion. The sales of do-it-yourself lumberyards in the country, per store, is also sitting at $4 million. Homeowners today don’t just want to own a house…they want to reinvent it, imbuing it with their personality and saving money in the process. Whether you prefer to err on the interior design aspect of things or are reinventing your own approach with a green outlook, now’s the time for action.
Look into home remodeling Portland ventures next year. You’ll be glad you did.