It’s no secret that the state of the economy plays a major role in the growth of all industries both positively and negatively. Over the past couple of years, many have experienced lower-than-expected growth and sales. The home renovation industry, however, has been achieving a steady increase year over year and is not projected to slow for some time according to Statista. In this piece, we’ll go over the reasons for this boom and what it means for you as a consumer if you’re debating remodeling your home in the near future.
What’s Causing This Trend?
As we touched on earlier, economic factors are the driving force in any industry. In the case of home renovations, other businesses’ loss is our gain. For example, recent spikes in inflation and interest rates are hurting the housing market overall because they’re increasing home values leading to most homeowners choosing to stay put and renovate as opposed to move and either struggle to find someone willing to purchase their current home or have a hard time affording a new one themselves.
In addition to this, even though many of us have put it in the rearview, we’re still experiencing the long-term affects of the COVID-19 Pandemic. As a result, many businesses have held onto hybrid or even fully remote models for their employees leading to an increased interest in customizing homes with dedicated workspaces.
Is DIY Worth The Trouble?
The popularity of “do it yourself” projects also saw an uptick especially during the height of the lockdowns since we all found ourselves with a lot more time on our hands. While many see this as the cheaper option, it’s important to know your limits and not attempt to take on a project that you’re not equipped to handle. This will only cost you more in the long run because the resale value of your home will not be as high with lower quality work, and you’ll end up having to hire a professional to finish or fix what went wrong anyway.
What Does This Mean For You?
Now that you know all about the increased demand for home renovations and the potential risks of DIY projects, how should you go about your project? The first thing to keep in mind is planning ahead and having a realistic timeline. Most companies can only oversee so many projects at one time so they may not be able to get started on yours right away. This doesn’t mean you can’t take steps to get ahead of this so make sure to schedule a consultation to speak to them in advance to allow time to start drawing up plans (if necessary), order materials, and acquire the appropriate permits just to name a few that way you can hit the ground running as soon as they’re ready to get started.
Our experienced team is here to help, give us a call at 631.750.2837 to schedule a consultation and start turning your dream home into a reality!