Homeowners have a particular advantage over those who rent their living space: they can hire remodeling contractors to modify the interior of their house to make it more useful and attractive, and in many cases, this can prove to be an excellent investment. Many middle-aged Americans are hiring remodeling contractors to modify and update the most popular rooms in the house, and in 35% of remodeling jobs across the United States, the entire house is being remodeled. What is more, if a homeowner can’t decide on what the finished product should look like, they can hire a design build team to help. Such remodeling companies offer interior designer who can help the homeowner sketch out what the remodeled kitchen or master bathroom should look like, then actually build it. Home remodeling is known for not only making the house more attractive and modern looking, but also serving as an efficient investment, too. What is there to know about the remodeling business in the 21st century?
The Industry of Remodeling
Many Americans own their own houses, and many of those homeowners in turn are interested in investing further into that property. That leads to a big business for remodeling, and estimates show that over 10 million kitchen remodel job are done per year, and nearly as many master bathroom remodel jobs, too. Most often, it is older Americans aged 55 and over who invest the most in this work. Older Americans don’t move as often as younger ones do, so they would rather invest more money into their current property instead. That, and they’ve had more time than younger Americans to save up money for such projects. Right now, Americans aged 55 and over outspend Millennial homeowners three to one, but that trend may change in the coming years. Millennials, those young adults born 1982-1995, are now becoming full-fledged adults and can afford major purchases such as cars, houses, and owning businesses. This will make them a significant demographic for home ownership and remodeling within the next decade, and they will also be a major force in the automotive industry. Many marketers are paying careful attention to the preferences and spending power of Millennials to make full use of this burgeoning sect of adults.
What Remodeling Entails
Whether a homeowner is a Millennial or their Baby Boomer parents, they may expect solid returns on their money when they hire remodel crews for the house. Why? Not only will the current homeowners enjoy the results of remodeling work, but the next homeowner will, too. A property for sale that features remodeled rooms and landscaping will be more attractive and appealing to buyers, and the homeowner may ask for a better price on their property. A remodeled house may sell much faster than a home with no remodeling done in it. Popular rooms such as the kitchen and master bathroom may yield an ROI, or return on investment, as high as 70-80%. Something similar might be said about landscaping the front and back lawns.
Remodeling jobs are typically too skill-intensive for the average homeowner beyond changing drawer handles or repainting the walls, so an interested homeowner can and probably should look up a few remodeling companies in their area and view their websites. The homeowner may then choose a team and hire them for the job. Such crews may remodel particular rooms or even the entire house, and diverse laborers may be found in their company, from wood workers to floor experts to electricians to plumbers.
The kitchen may have its tiles or linoleum covering removed and replaced with newer materials, and the counter top may be swapped out for a durable but attractive new model made of granite or marble. Lighting fixtures may be updated, and some experts may replaced the stove while plumbers may install a new sink. Cabinet doors may be repainted, refinished, or even replaced entirely.
Similar work can be done in the master bathroom. Here, the floor tiles can be updated, and wall paint and lighting fixtures refreshed with new models. Plumbers can replace nearly anything here, from the tub and shower to the sink and toilet. New toilets and showers may be modern, low-flow models that save on water, making them a smart investment.