Booming Home Projects
The pandemic created a boom for the home improvement and remodeling business. Demand for house projects hasn’t slowed down. Contractors have plenty of work but are challenged with completing jobs. Labor, supply, and material shortages have created a slower project turnover pushing project timelines and escalating costs. Homeowners have adjusted to renovations taking longer and costing more.
Americans need more usable space. We are living with COVID-19 and continue to adjust our work, schooling, and vacations accordingly. Therefore, home improvement is still booming. Here’s a look at the top projects homeowners will be making.
Windows, Doors, and Glass Walls
Replacing windows and doors not only is more energy efficient and sound blocking, but it also improves our view from inside and from the curb. High-spending homeowners in Southern California desire more viewing canvas and are ordering oversized windows, doors, and entire walls of glass. IBISWorld reports the US window installation industry revenue to total $6.5 billion in 2022.
Home Offices
The growing remote labor force is the biggest change in American working and living conditions since World War II. Working remote will continue to increase and so will the demand for home offices. According to Ladders research, 25% of all professional jobs in North America will be remote by the end of 2022.
Mudrooms
Transition space from outside to inside is in demand. Americans want a smart place to store outdoor clothing and equipment for weather and activities. Many mudrooms are now equipped with showers, washer and dryers, and pet bathtubs. It also serves as a spot for deliveries of packages and groceries. A mudroom can be at the side of the house, a hallway or part of a garage.
Outdoor Kitchens
Staying at home has increased the time people spend outside trying to separate as well as gather. So Cal homeowners are making more of their outdoor living space. The most popular renovations are patios, decks, and outdoor kitchens. Fixr.com reports that in 2021, outdoor kitchens lead with fire pits coming in second. In third place was shading and patios.
Tiny Homes
The housing shortage has brought a resurgence of tiny homes also known as accessory dwelling units and granny flats. Increased approval from city planning departments has made this structure more desirable. Typically, these living spaces are detached from the main house, but they can be a garage conversion as well. They provide housing for older parents or grown children who want their own private space. As a rental unit they can be a steady form of revenue.
According to Improving America’s Housing Report by the Joint Center for Housing Studies of Harvard University, the home improvement market reached $281 Billion in 2021 and is expected to continue rising this year. Carefully managed home improvement businesses will have a very prosperous year.