Across the United States, the home remodeling trend is at an all-time high. Thanks to the popularity of HGTV and home renovation shows, American homeowners are shelling out money for new additions and renovations. Therefore, this is the best time to invest in remodeling companies to come and work in your home!
In order to qualify as finished living space, a basement must meet legal egress requirements for your safe escape or the entry of a rescue person during an emergency. Due to this information and other legal requirements, homeowners are wise to rely on remodeling contractors to work on their home. That way, they can make sure they reach and meet all requirements and more!
A 2017 United States Houzz and Home Study has revealed that Millennials invested 7% more in their homes in 2016 compared to 2015. Younger people are often scrutinized for allegedly not spending money. However, Millennials have shown that they want to use their money on valuable things, like home remodeling. Here are all of the facts on getting the most out of remodeling and renovation projects.
Home Remodeling Is Wildly Popular
Recent data has been gathered to determine how much money was spent on home improvement products in the United States. This data has revealed that over the past year, nearly $303 billion was spent just on home improvement products. Therefore, plenty of homeowners have decided on a do-it-yourself, or DIY, type of approach. While this is possible, make sure you have all of the important information!
Experts use current data to create projections for future sales and revenue. This data suggests that the projected total sales of home improvement retailers will reach over $400 billion in the year of 2019. For instance, the average midrange bathroom remodel costs just over $19,000, and that an upscale remodel can run around $61,000.
People should feel emboldened to invest in home renovations if that is what they want. There is nothing wrong with making some great interior upgrades and more. However, it is also great for homeowners that are planning on selling their home in the near future as well!
Home Remodeling Is A Booming Industry
The previously mentioned 2017 the United States Houzz and Home Study revealed some other interesting facts. On average, renovators that bought their first home in 2016 spent over $30,000 on their home remodeling. These people were not going to skimp out on their design build for their dream home. Also, this is a 22% increase when compared to the previous year of 2015.
According to the United States Census Bureau, 30 percent of remodeling activity was major additions and alterations, 40 percent minor additions and alterations, and 30 percent maintenance and repair. People get home renovations done to their home for a number of different reasons. Therefore, homeowners should not think that remodeling is done only to renovate or make changes because people want to. Sometimes, homeowners are forced to make big changes.
Imagine that a water heater leaks and serious water damage are done to the foundation of your home. Well, you are going to have to potentially replace, repair, and renovate a good portion of this area. Therefore, people are going to get home renovations done to their home for a number of reasons.
In Conclusion
The Joint Center for Housing Studies of Harvard University estimates that Americans will spend a record $340 billion total on home remodeling in 2018. As a result, this means that there are better workers, products, and offerings on the market than ever before. When industries reach peak selling points then they are able to turn around and invest more money in a better product!
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