While many people are expecting Federal Reserve cuts, home equity lines of credit (HELOC) are expected to follow the reserve more closely and increase renovations and improvements. Home Depot and Lowe’s analysts estimate there is roughly $50 billion in pent-up demand for home improvement work. These are projects that homeowners have put aside while borrowing costs stayed high across loans and materials. Lower HELOC rates could provide homeowners with the funds to funnel directly into their new kitchens, bathrooms or addictions. This comes at a time where the new housing market is…
Read MoreNews
Modern Design Trends Influence Home Remodeling Service Industry
Understanding homeowner preferences is crucial to thriving as a contractor, as is understanding that homeowners are bound to renovate. By leaning into the homeowner, contractors can position themselves to capitalize on the remodel market. The New Jersey home remodel market, for example, is seeing a rise in homeowners desiring modernity in their homes, while still prioritizing comfortable livability. Being able to enter the remodel market and updating homes with contemporary finishes gives homeowners exactly what they want. While some trends go away, design experts predict certain trends will continue to…
Read MoreSeven Key Principles for Universal Design
Universal design is attained when a home is built, crafted or remodeled in a way that makes function accessible to for all inhabitants regardless of age or condition. As a section of the remodel market expected to expand, there are seven important ways that apply to a home exhibiting universal design. 1. Equitable Use Design that accommodates everyone from aging grandparents to children with limited mobility. 2. Flexibility in Use Accounting for a wide variety and range of usage, whether tall or short. 3. Simple and Intuitive Use…
Read MoreRemodel of the Week: Luxurious Modern Mediterranean Style Coastal Home
A vacation retreat in Pismo Beach, California was recently remodeled to the vision of the ultimate beachside retirement home using modern Mediterranean style to naturally brighten up the previously dark and dimly-lit house. Tackling the whole house with new paints, materials and detailing transformed the home into the ultimate coastal paradise. Substituting lighter-colored cabinetry in place of the red-stained wood and changing the dark countertops to white made the most of the decision to more light enter in through the bigger windows near the kitchen. The entrance and living room…
Read MoreHome Improvement Originations Surge Despite Weak Outlook
Although suffering a dip from the previous quarter, home improvement loan originations have increased over 35% year-over-year to over $3.5 billion, signaling a strong demand for home remodeling and renovations. Datasets from the Joint Center for Housing Studies at Harvard University and the National Association of Homebuilders point to signs that remodeling activity is softening, but the increase in home improvement loan originations demonstrates that remodeling activity fares well, especially as many are likely to finance through home-equity lines of credit. Remodelers are mostly positive while some see activity slowing…
Read MoreThe Process of an Award-Winning Bathroom Remodel
The team at Bath Tune-Up in McKinney, Texas, shared their process on their Chrysalis Award winning bathroom remodel. The budget of the remodel was a modest $39,000 and the team kept it within the original footprint of the room. They adressed client concerns about aging in place and added accessibility features without sacrificing contemporary design elements. The bathroom remodel prioritized safety, an addition of a foldable bench and accessibility bars allows for seamless and easy movement regardless of age. This was complemented by stunning tile-work and fixture selection to make…
Read MoreHow Remodelers Can Utilize Digital Marketing
Traditional marketing for remodelers is not as effective as it was pre-internet and social media, utilizing digital marketing is the key to reaching clients. Remodelers with a steady client base may think their marketing is efficient, however tapping into digital marketing can increase their visibility and profits. There are many ways to improve your digital marketing like having an updated and easy to navigate website, advertising through social media and email marketing.The use of targeting ads can also define and reach different groups within your audience like a whole custom…
Read MoreRemodel of the Week: Home Renovation in Charleston’s Historic District
New Beginnings Construction in South Carolina presents their full home renovation in Charleston’s historic Rainbow Row district. The magic of remodeling began with extensive demolition that was needed for outdated, damaged and inefficient fixtures and appliances. Structural and systematic upgrades were placed including plumbing, electrical, HVAC and insulation. The builders then carefully married the historic elements like the original pine and oak hardwood floors with modern elements of custom trim. Renovations went beyond the main house. The pool house received a makeover to feel like an extension of the primary…
Read MoreSurveys offer glimpse into home remodeling, improvement sentiment
Staying up to date with consumer interest is of vital importance in the remodeling industry, and luckily the National Association of Homebuilders (NAHB) and the Joint Center for Housing Studies (JCHS) at Harvard University have released surveys that detail what statistically receives the most attention from homeowners pursuing renovations. NAHB survey results found a slight decrease in measures from the first quarter, especially in the western part of the country despite an overall positive sentiment among the remodeling market. Directors at Harvard’s Remodeling Futures Program also pitched in their views…
Read MoreNumber of Remodeling Firms Outpaces Single-Family Builders in U.S.
An increase in the number of residential remodelers between 2017 and 2022 of 25% has widened the gap between how many remodelers there are compared to how many residential builders, according to data from the National Association of Home Builders. Further analysis seems to support that the pandemic played a role in the increase of the remodel market as a report from Harvard’s Joint Center for Housing Studies demonstrated a dramatic rise in remodeling spending that remained above $600 billion despite leveling out after 2022. Nevertheless, some data from the…
Read More