The home remodeling industry is very competitive, but recently there’s been a bit of a downturn. This is because it’s difficult to find skilled laborers for the projects, resulting in a dip in the current market conditions. Despite this decline, there isn’t much to worry about for now as proposal appointments still remain steady, and the market is expected to continue to expand at modest rates. Aside from that, there are also individual factors that drive remodeling spending up.
As housing prices still remain high, not a lot of people are willing to buy and move into newer homes, preferring to stay in their 20- to 50-year-old homes instead. This is one of the important factors that keep remodeling spending up as aging homes demand more repairs, replacements, and improvements.
Aging in Place
Since most homeowners nowadays tend to be people who are keen to spend their retirement and golden years at home, aging in place has become one of the most significant factors in remodeling spending. Surveys show that homeowners aged 55 and older have leaped to 60% this past decade, and they have little desire to move. This also means that they have the funds to have professionals conduct home improvement projects. This trend is also expected to continue as the younger generation is finding it hard to afford the current housing prices.
With energy prices nowadays, it’s no surprise that one of the most requested home improvement projects that keep remodeling spending up are those related to energy efficiency and savings. Since alternative energy that can further improve energy efficiency is slowly becoming more widespread, homeowners are gravitating toward these home remodeling projects. These projects can include HVAC and insulation, and roof, siding and window replacements.
Turn to i Remodel & Design for your home improvement needs. We are your leading provider of basement remodeling and flooring upgrade services. Give us a call at (703) 634-7003, or fill out our contact form to schedule an appointment. We serve homeowners in Northern Virginia and other nearby areas.