The state of the economy can both positively and negatively affect the growth of many industries. In recent years, much of the business world has seen its growth and sales decline while the home renovation industry, however, has continued to succeed. This trend is not projected to slow for some time either according to Statista. You might be asking how this industry can be the exception. Read on as we examine the reasons behind the boom and how it impacts you as a consumer if you’re thinking about updating your home.
What’s Behind The Boom?
As we mentioned, economic factors play a pivotal role in any industry. In the case of home renovations, other businesses’ loss has been our gain. Look no further than the recent rises in inflation and interest rates as a perfect example. While the real estate market has been negatively impacted by this overall due to the fact that they’re driving up home values making it harder for sellers to find a willing buyer. As a result, many homeowners are opting to stay in their current homes and renovate instead of moving because it’s cheaper than house hunting.
While it was a dark time for all of us, the long-term effects of the COVID-19 Pandemic have actually benefitted home builders since many companies pivoted to hybrid or even fully remote models for their employees that they’re still utilizing years later. This has led to increased demand as homeowners look to incorporate offices and other features into their homes.
DIY At Your Own Risk
Another unexpected result of the lockdown was an uptick in “do it yourself” projects. This is not completely surprising when you think about it considering all non-essential businesses were forced to close their doors and we all found ourselves stuck in our homes with a lot more time on our hands so why not spend it doing something productive right? Well, while many DIYers saw this as the cheaper option, some realized it quickly became costly because they bit off more than they could chew. In the long run, this ended up hurting the home’s resale value due to the lower quality of work and took even more money out of their pocket by needing to hire a professional down the line to finish or fix what went wrong.
How Does This Impact Me?
So, now that you know about the increased demand for home renovations and the potential risks associated with DIY projects, how should you apply this knowledge to your upcoming project? It all starts with planning ahead and being realistic about your timeline. Most companies can only oversee so many projects at a given time, so you’ll have to be patient about when they can start working on your home. There are steps you can take to get ahead in the meantime so that you can hit the ground running as soon as they’re ready to get started. For example, setting up a consultation is key so they can begin to draw up plans (if necessary), order materials, and walk you through what permits you might need just to name a few.